Facebook stock plunged more than 6 percent in after-hours trading despite producing better earnings and revenue in the fourth quarter that ended on December 31, 2019. Facebook reached 2.5 billion monthly users, up 2 percent from 2.45 billion in Q3 2019., the company announced on Wednesday. It now has 1.66 billion daily active users, up 2.4 percent from 1.62 billion last quarter when it grew 2 percent. Also Read - After WhatsApp, Facebook to soon add Dark mode to its Android app
Facebook logged $21.08 billion in revenue – up 25 percent year-over-year with $2.56 in earnings per share. But net income was just $7.3 billion, up only 7 percent (YoY) compared to 61 percent growth over 2018. Expenses grew to $12.2 billion for Q4 2019, up 34 percent from Q4 2018. Also Read - You may have to verify your identity on social platforms like Facebook, WhatsApp and Instagram
“We had a good quarter and a strong end to the year as our community and business continue to grow,” said Mark Zuckerberg, Facebook Founder and CEO. “We remain focused on building services that help people stay connected to those they care about.” Also Read - WhatsApp follows Facebook to become second non-Google app with 5 billion downloads on Android
Family daily active people (DAP) was 2.26 billion on average for December 2019, an increase of 11 percent year-over-year while family monthly active people (MAP) was at 2.89 billion as of December 31, an increase of 9 percent year-over-year. Cash and cash equivalents and marketable securities were $54.86 billion. Facebook employs 44,942 people now, an increase of 26 percent year-over-year.
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Zuckerberg also touched upon WhatsApp Pay roll out during the earnings call. He said that the peer-to-peer, UPI-based payments feature will be rolled out in several countries in the next six months.
“I’m really excited about this, and I expect this to start rolling out in a number of countries and for us to make a lot of progress here in the next six months,” he added.
Written with inputs from IANS