Thursday July 28, 2016

Facebook Trounces Wall Street Estimates

Good news! Not everyone in the tech sector is posting losses these days. Facebook and company are bucking the trend by beating Wall Street estimates and making money in the process.

Facebook Inc provided more evidence on Wednesday that it can turn eyeballs into profit as the maker of the world's most popular app and social website trounced Wall Street's estimates, sending its shares to an all-time high. The leading social media company's mobile app and push into video attracted new advertisers and encouraged existing ones to spend more. It now has more than 1.7 billion monthly users, well ahead of any rivals.