The social media company reported better-than-expected quarterly Earnings Per Share of $2.56. The consensus forecasts projected EPS of $2.52 anticipated.
Facebook’s data as a whole was more than promising. The total revenue rose by 27 per cent compared to the recorded performance a year earlier.
Notable gains in Facebook’s Daily Active Users (DAUs) by 9 per cent and in its Monthly Active Users (MAUs) by 8 per cent were also observed.
Mark Zuckerberg, Facebook founder and CEO, commented on the findings of the report by stating that:
"We had a good quarter and a strong end to the year as our community and business continue to grow. […] We remain focused on building services that help people stay connected to those they care about."
Despite the overwhelmingly solid quarterly performance, the share price opened Thursday’s trading session with a -6.14 per cent gap. The tumble is owing to the fears stemming from the outbreak of the aforementioned coronavirus.
Lockdowns in major Chinese industrial zones continue to be imposed by the Government in a bid to lessen the spread of the aforementioned coronavirus, the panic from which is currently sweeping through China and the rest of the world.
These countermeasures and the rising fear are weighing down on the general market sentiment in China and elsewhere, which, in turn, is having a detrimental impact on Facebook.
That is so because the company is dependent on the prosperity of the Chinese market, which cannot be guaranteed when the overall conditions are so poor.
The share price is meanwhile consolidating just below the major resistance level at 208.50. If the situation continues to worsen, it could fall as low as the minor support level at 196.25.
Facebook 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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