Facebook Inc on Wednesday blew away Wall Street profit estimates in the first quarter as it kept a lid on the costs of making its social networks safer, and set aside US$3 billion to cover a settlement with US regulators, calming investors who had worried about the outcome of a months-long federal probe.
Excluding the US$3 billion it set aside, Facebook would have earned US$1.89 a share, up from US$1.69 the year prior and easily beating analysts' average estimate of US$1.63 per share, according to IBES data from Refinitiv. The company's shares lost a third of their value last year, after executives first warned about costs associated with its drive to improve safety and slowing growth in revenue and operating margin.
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