Facebook Beats the Street Thanks to Stellar Ad Sales
Social media giant Facebook (NASDAQ: FB) posted solid fourth-quarter 2020 results on Wednesday evening. The company exceeded Wall Street's expectations across the board and boosted its share buyback program by $25 billion.
Facebook's revenue rose 33% year over year, landing at $28.1 billion. GAAP earnings jumped 52% to $3.88 per diluted share. The average analyst had been forecasting earnings of roughly $3.19 per share on sales near $26.3 billion.
The company achieved its stated goal of accelerating its ad revenue growth, lifting that key metric from 22% in the third quarter to 31% this time. Free cash flow rose 91% to $9.22 billion.
Source Fool.com
