Facebook beats Street 4Q forecasts

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  • FILE - In this June 11, 2014, file photo, a man walks past a mural in an office on the Facebook campus in Menlo Park, Calif. Facebook blew past Wall Street's expectations yet again with its quarterly earnings report, despite some concerns that its "ad load," or the number of advertisements it can show users without clogging up their feed, has reached its limit. Facebook on Wednesday, Feb. 1, 2017, reported fourth-quarter earnings of $3.56 billion, up sharply from $1.56 billion in the same period a year earlier. (AP Photo/Jeff Chiu, File)

    FILE - In this June 11, 2014, file photo, a man walks past a mural in an office on the Facebook campus in Menlo Park, Calif. Facebook blew past Wall Street's expectations yet again with its quarterly earnings report, despite some concerns that its "... ad load," or the number of advertisements it can show users without clogging up their feed, has reached its limit. Facebook on Wednesday, Feb. 1, 2017, reported fourth-quarter earnings of $3.56 billion, up sharply from $1.56 billion in the same period a year earlier. (AP Photo/Jeff Chiu, File) (The Associated Press)

  • FILE - In this June 11, 2014, file photo, a man walks past a mural in an office on the Facebook campus in Menlo Park, Calif. Facebook blew past Wall Street's expectations yet again with its quarterly earnings report, despite some concerns that its "ad load," or the number of advertisements it can show users without clogging up their feed, has reached its limit. Facebook on Wednesday, Feb. 1, 2017, reported fourth-quarter earnings of $3.56 billion, up sharply from $1.56 billion in the same period a year earlier. (AP Photo/Jeff Chiu, File)

    FILE - In this June 11, 2014, file photo, a man walks past a mural in an office on the Facebook campus in Menlo Park, Calif. Facebook blew past Wall Street's expectations yet again with its quarterly earnings report, despite some concerns that its "... ad load," or the number of advertisements it can show users without clogging up their feed, has reached its limit. Facebook on Wednesday, Feb. 1, 2017, reported fourth-quarter earnings of $3.56 billion, up sharply from $1.56 billion in the same period a year earlier. (AP Photo/Jeff Chiu, File) (The Associated Press)

Facebook Inc. (FB) on Wednesday reported fourth-quarter earnings of $3.56 billion.

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On a per-share basis, the Menlo Park, California-based company said it had net income of $1.21. Earnings, adjusted for one-time gains and costs, were $1.41 per share.

The results beat Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.

The social media company posted revenue of $8.81 billion in the period, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected $8.47 billion.

Facebook shares have increased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. In the final minutes of trading on Wednesday, shares hit $133.23, a rise of 16 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FB at https://www.zacks.com/ap/FB

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Keywords: Facebook, Earnings Report, Priority Earnings