Facebook posted another massive quarter to close out 2019. The company reported earnings after closing on January 29th, noting a quarterly record of $21.08 billion USD (about $27.83 billion CAD) in revenue for Q4 of 2019.
Further, the social network announced that its core app now reaches 2.5 billion users each month.
The earnings beat Wall Street expectations — analysts forecasted $20.89 billion USD revenue and $2.53 USD earnings per share (Facebook posted $2.56 earnings per share). Despite that, the stock dropped over six percent in after-hours trading.
Facebook posted a net income of $7.35 billion USD ($9.7 billion CAD) for Q4. While that’s up 7 percent year-over-year, it’s slower than Facebook’s top-line growth of 25 percent in the quarter. Further, the company’s operating costs grew 34 percent to $12.2 billion, causing some investors to worry that Facebook’s profitability growth was slowing down.
On top of that, the social networks’ 2.5 billion monthly active users (MAU) was up 8 percent year-over-year. Daily active users were up 9 percent year-over-year to 1.66 billion. The majority of Facebook’s MAUs came from Asia-Pacific and the rest of the world, according to a chart shared by the company. The U.S. and Canada rose slightly from 242 million MAUs in Q4 2018 to 248 million MAUs in Q4 2019.
When Facebook factors in its other apps, including Instagram, Messenger and WhatsApp, it’s ‘family monthly active people’ (MAP) was 2.89 billion at the end of 2019, up 9 percent year-over-year.
Finally, the company grew its employee base by 26 percent over the previous year, closing out 2019 with 44,942 employees.
You can learn more about Facebook’s earnings here.