Facebook beats quarterly revenue estimates; monthly active users up 12%

Facebook Inc beat analysts’ estimates for quarterly revenue on Wednesday, powered by increased ad spending by businesses to capitalize on a holiday shopping season driven online by the pandemic.

The results validate the company’s foray into e-commerce with Instagram Shopping and Facebook Marketplace that banked on the trend of social shopping, which picked up pace last year as outdoor recreational activity dwindled due to Covid-19 associated curbs.

The company has launched a slew of new e-commerce products such as Facebook Pay and Facebook Shops that enable in-app purchases across the company’s suite of apps, including Instagram and WhatsApp.