The social media giant, Facebook shares continue to rise. The social media giant has reported a surge in revenue of $16.9 billion for the second quarter, up 28% year-over-year, beating revenue forecasts of $16.5 billion compiled by Refinitiv.
The giant also reported profit fell 49% to $2.6 billion, hit by a $5 billion settlement with the Federal Trade Commission as the result of a year-long investigation prompted by the 2018 Cambridge Analytica scandal.
It, however, recorded a $2 billion charge related to legal costs this quarter as a result. Excluding that and an additional $1.1 billion income tax expense, earnings per share would have been $1.99 per share, beating analyst expectations of $1.88 per share.
Facebook shares rose more than 1% after hours, extending a 50% rise year-to-date. It also reported 1.59 billion daily active users on average for June, an increase of 8% year-over-year. Facebook’s monthly active users also increased by 8% year-over-year.