Facebook surpasses quarterly revenue extimates

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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.

Total revenue, which comprises primarily of advertising revenue, rose to $28.07 billion in the fourth quarter ended Dec. 31 from $21.08 billion, a year earlier.

Analysts on average estimated quarterly revenue of $26.44 billion, according to IBES data from Refinitiv.

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