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Sheryl Sandberg, Facebook’s chief operating officer, speaks to CNBC’s Julia Boorstin on Wednesday after the social media giant’s fourth-quarter earnings easily topped Wall Street expectations.
The stock surged more than 11 percent in after-hours trading after Facebook reported adjusted earnings of $2.38 per share on $16.91 billion in revenue. Analysts had expected earnings of $2.19 per share on $16.39 billion in revenue, according to Refinitiv consensus estimates.
Facebook also reported growth in both daily and monthly active users, despite continued bad publicity about the company’s privacy practices.
Earlier Wednesday, Apple revoked some developer privileges after TechCrunch reported that Facebook paid some users to download a research app that enabled the company to collect user data, including private messages.
A Facebook spokesperson told CNBC earlier, “Key facts about this market research program are being ignored. Despite early reports, there was nothing ‘secret’ about this; it was literally called the Facebook Research App. It wasn’t ‘spying’ as all of the people who signed up to participate went through a clear on-boarding process asking for their permission and were paid to participate. Finally, less than 5 percent of the people who chose to participate in this market research program were teens. All of them with signed parental consent forms.”