Facebook beats quarterly revenue estimates

Facebook beats quarterly revenue estimates
  • Clock-gray 04:30
  • calendar-gray 28 January 2021

Facebook Inc beat analysts’ estimates for quarterly revenue on Wednesday, powered by increased ad spending by businesses to capitalize on a holiday shopping season driven online by the pandemic, APA reports quoting Reuters.

The results validate the company’s foray into e-commerce with Instagram Shopping and Facebook Marketplace that banked on the trend of social shopping, which picked up pace last year as outdoor recreational activity dwindled due to COVID-19 associated curbs.

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