Facebook just beats estimates for daily active users, costs rise

Facebook Inc (FB.O) just beat analysts’ estimates for daily active users on Wednesday, as the world’s largest social network faced fierce competition for users’ screen time from a slew of entertainment apps like TikTok and Netflix.

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Shares of the company were down 5% as total costs and expenses surged 34% in the fourth quarter to 12.22 billion, dragging down operating margins.

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Daily active users rose to 1.66 billion, slightly ahead of estimates of 1.65 billion, according to IBES data from Refinitiv.

Total revenue rose to $21.08 billion from $16.91 billion, beating estimate of $20.89 billion.