Facebook Drops 6% on ‘Uncertain’ 2021 Warning; J.P. Morgan Raises PT
Facebook shares fell 6.3% on Friday after the social media giant said that "looking ahead to 2021, we continue to face a significant amount of uncertainty." At the same time, the company posted 3Q revenues of $21.5 billion jumping 22% year-over-year and coming ahead of analysts’ estimates of $19.8 billion. Facebook earned $2.71 per share during the quarter, surpassing the Street consensus of $1.91. EPS grew 28% from the year-ago quarter.Facebook’s (FB) daily active users (DAUs) rose 12% year-over-year to 1.82 billion, beating analysts' estimates of 1.79 billion users. Monthly active users (MAUs) also increased by 12% year-over-year to 2.74 billion. The average revenue per user of $7.89 exceeded the consensus estimate of $7.32.The company’s CFO David Wehner said that DAUs and MAUs declined slightly in 3Q in the U.S. & Canada from 2Q levels. He continues to expect the trend to continue and said that in 4Q, “the number of DAUs and MAUs in the US & Canada will be flat or slightly down compared to the
1 Nov 2020 ... (See FB stock analysis on TipRanks).Following the results,, J.P. Morgan analyst Doug Anmuth on Oct. 30 raised the stock's price target to $330 ...