Facebook reported 2Q results topping analysts’ expectations on earnings and revenue after the markets closed amid strong advertisement growth.
Earnings came in at $1.99 cents per share vs. $1.88 per share,
Revenue came in at $16.9 billion, vs. market consensus of $16.5 billion
Daily active users met expectations of 1.59 billion
Monthly active users met expectations of 2.41 billion
Average revenue per user came in at $7.05 beating forecasts of $6.87
User growth at Facebook, which owns Instagram and WhatsApp, was in line with expectations.
Facebook’s revenue rose 28% compared to a year prior. The company cut its capital expenditures forecast for 2019 to between $16 billion and $18 billion.
A record settlement of $5 billion with the FTC, announced yesterday. The company recorded a $2 billion charge in the 2Q 2019, after recorded a $3 billion hit during its 1Q 2019. Excluding those one- time charges, FB would have earned $1.99 a share.
Facebook said a new FTC probe was begun in June, but did not provide any comments or details on the antitrust investigation. The FTC has confirmed that it exists, but also did not comment further.
On the technical side bulls are in full control and an attempt to $217 high look possible. On the downside immediate support stands at $198 the 20 day moving average while more bids will emerge at $188 the 50 day moving average.