Facebook Shares Down Over 5%

 

MENLO PARK — Shares in Facebook fell Thursday more than 5% despite reporting impressive third quarter earnings but warning of slower growth in 2017.

The company reported advertising revenue of $6.8 billion, up 59% from last year. Total revenues were $7.01 billion and net income was $2.37 billion.

The world’s leading social network reported 1.18 billion daily active users in September 2016, up 17% from the previous year. Daily active mobile users made up the bulk with 1.09 billion in September 2016, up 22%.

Monthly active users were 1.79 billion, up 16% year-over-year and monthly mobile active users were 1.66 billion in September, up 20% from last year.

“We had another good quarter,” said Mark Zuckerberg, Facebook founder and CEO. “We’re making progress putting video first across our apps and executing our 10 year technology roadmap.”

With nearly 1.8 billion monthly users, it’s hard to imagine Facebook getting many more users in the future which is why growth may be slowing down

Facebook headquarters in Menlo Park.

Facebook headquarters in Menlo Park.

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