Shares of Facebook Inc. fell 1% in after-hours trade Wednesday despite reporting better-than-expected earnings and sales. The company reported net income of $2.4 billion, or 82 cents a share, compared with $896 million, or 31 cents, in the year-earlier period. Adjusted for one-time items, the company reported earnings of $1.09, coming in ahead of the FactSet consensus estimate of 97 cents. Revenue for the three-month period rose 59% to $7 billion from $4.5 billion last year, missing the Street's view of $6.9 billion. Facebook reported a 22% increase to 1.79 billion in monthly active users, and CEO Mark Zuckerberg said the company is "making progress putting video first" across its apps. Shares of Facebook have risen 3.3% in the past three months and 23% in the past year, outperforming both the Dow Jones Industrial Average and S&P 500 .
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below