Facebook delivers solid Q3 results as ad sales soar

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Of the $10.3 billion in revenue, over $10.1 billion came from advertising.

Net income soared to $4.7 billion, or $1.59 per share; a bump of almost 80 percent that shot past consensus per-share estimates of $1.28, according to Thomson Reuters.

Despite mounting criticism from United States lawmakers over Russia's use of its platform to spread propaganda, the company's stock has been trading at all-time highs ahead of Wednesday's results.

Wall Street is expecting Facebook to show a revenue rise of 40 percent from a year ago, though profit is expected to rise more slowly as the company again hired more workers and invested in new technologies.

Revenues of Facebook, the world's most popular social networking site, continues to surge every quarter as companies and other firms continue to spend heavily to advertise on the social network site.

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Facebook's results painted a picture of its growing power and influence on the same day its general counsel testified in Congress about how Russian actors used its social-media sites to spread political discord through paid ads and posts.

Daily active users rose 16 percent to 1.37 billion on average for September, while monthly active users increased 16 percent to 2.07 billion.

Advertising continues to lead the way for Facebook, making up 98 percent of its revenue.

Overall, given Zuckerberg's comments and its expense estimate increase, Facebook seems to be taking the Russian security and ad transparency issues extremely seriously. The stock gained 1.4 percent in regular trading before the report to a record $182.66. But, during an earnings call, Facebook's chief operating officer Sheryl Sandberg boasted about how effective Facebook ads are in targeting its 2 billion-plus users. EMarketer expects Facebook to have a 17 percent share of the worldwide digital-ad market this year, second only to Google. The revelation has triggered bi-partisan support for new disclosure laws for online political ads.

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