MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported first-quarter net income of $4.9 billion.
On a per-share basis, the Menlo Park, California-based company said it had profit of $1.71.
The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.
The social media company posted revenue of $17.74 billion in the period, which beat Street forecasts. Ten analysts surveyed by Zacks expected $17.29 billion.
Facebook shares have dropped slightly more than 5% since the beginning of the year, while the Standard & Poor’s 500 index has decreased almost 9%. In the final minutes of trading on Wednesday, shares hit $194.35, decreasing slightly in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FB at https://www.zacks.com/ap/FB
The Associated Press