Posted May 06, 2018 05:14:48 Facebook shares rose on Thursday after the company posted record quarterly earnings, despite the fallout from a baby crisis.
The company reported net income of $5.5 billion, or $2.84 a share, up from $5 billion a year earlier.
Analysts had expected the company to report earnings of $4.88 a share.
Facebook shares are up almost 35% since Facebook was founded in 2002.
“Facebook is seeing growth, but growth is more muted than it should be,” said Josh Zumbrun, senior research analyst at Cowen & Jones.
“We are getting better and better at making people happy, but the company has not been able to turn the page on this cycle.”
The company announced last week that it was launching a public-private partnership to bring the social network’s original advertising product, Facebook Ads, to the smartphone market.
That deal is now worth about $1 billion a month.
Facebook also said Thursday that it will launch a new advertising platform called “Face.”
The platform will allow people to customize their own Facebook ad experience, according to the company.
It will also allow people and brands to buy ads on a shared list of brands.
The move will allow Facebook to tap into the “advertising-driven” Facebook audience that is a growing part of its user base, CEO Mark Zuckerberg said in a blog post.