ReutersApr 25, 2019 03:06:26 IST
(Reuters) - (This story has been refiled to add date in 4th paragraph)
Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday, aided by growth in its Instagram business and a surge in advertising spending by companies while also warning it could face up to $5 billion in losses related to an official U.S. privacy investigation.
Monthly active users rose to 2.38 billion, beating estimates of 2.37 billion, according to IBES data from Refinitiv.
Total revenue rose 26 percent to $15.08 billion, beating analysts' average estimate of $14.98 billion.
Net income attributable to Facebook shareholders fell to $2.43 billion, or 85 cents per share, in the first quarter ended March 31, from $4.99 billion, or $1.69 per share, a year earlier.
Analysts were expecting the company to report profit of $1.63 per share.
(Reporting by Akanksha Rana in Bengaluru and Katie Paul in San Francisco; editing by Patrick Graham)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Tech2 is now on WhatsApp. For all the buzz on the latest tech and science, sign up for our WhatsApp services. Just go to Tech2.com/Whatsapp and hit the Subscribe button.