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Facebook Inc. has reported its financial results for the third quarter of 2020, with net income growing 29 per cent to 7.85 US billion dollars for the quarter ending on Sept. 30, compared with $6.09 billion in the corresponding period last year.
The US social media giant’s quarterly revenue grew to $21.47 billion, up 22 per cent year-over-year from $17.65 billion, with advertising revenue rising 22 per cent to $21.22 billion, compared with $17.38 billion in the same period last year, reports Xinhua.
Facebook said that its daily active users were 1.82 billion on average for September 2020, an increase of 12 per cent year-over-year, while its monthly active users were 2.74 billion as of Sept. 30, 2020, also up 12 per cent year-on-year.
Facebook is also the owner of two popular social media apps WhatsApp and Instagram. The company's headcount was 56,653 as of Sept. 30, 2020, an increase of 32 per cent year-over-year.
Its cash and cash equivalents, as well as marketable securities, were $55.62 billion as of Sept. 30, 2020.
"We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times," said Mark Zuckerberg, Facebook founder and CEO, adding that the company will continue to make significant investments in its products and hiring.
The company expects its fourth quarter 2020 year-over-year advertising revenue growth rate to be higher than the reported third quarter 2020 rate, driven by continued strong advertiser demand during the holiday season.
2020 total expenses are estimated to be in the range of $53-54 billion, narrowed from a prior range of $52-55 billion, according to the company.