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Facebook: 1Q Earnings Snapshot

Last Updated Apr 29, 2020 at 1:34 pm PDT

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.

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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