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Markets News

Facebook quarterly revenue beats estimates

Oct 29 (Reuters) - Facebook Inc beat analysts’ estimates for quarterly revenue on Thursday, as more businesses used its digital advertising tools during a pandemic-induced surge in online traffic.

Total revenue, which primarily consists of ad sales, rose to $21.47 billion from $17.65 billion in the third quarter ended Sept. 30, beating analysts’ estimates of $19.82 billion, according to IBES data from Refinitiv.

Reporting by Noor Zainab Hussain in Bengaluru and Katie Paul in San Francisco; Editing by Shounak Dasgupta

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