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Facebook's earnings beat analysts' expectations in the quarter, but issued a warning to investors in announcing the results.
The Menlo Park, Calif.-based company reported second-quarter earnings of $3.61 per share and revenue of $29.08 billion – a 56% year-over-year increase – following Wednesday's closing bell. Those numbers surpassed expectations of $3.03 per share and $27.89 billion made by analysts surveyed by Refinitiv, but the social network cautioned investors that they would likely not see the same level of growth the rest of the year.
Shares of the tech giant touched a historic high ahead of the earnings report on Wednesday, then took a dive in after-hours trading following the firm's warning in its results.
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"We had a strong quarter as we continue to help businesses grow and people stay connected," Facebook founder and CEO Mark Zuckerberg said in a statement announcing the numbers. "I'm excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life."