Facebook is climbing after crushing earnings and saying a fundamental change could be coming to its platform (FB)

pulse

February 1, 2018 2:19 PM

A big change could be coming to Facebook's platform in the form of an emphasis on stories.

Facebook shares jumping after the company reported stellar earnings.
A big change could be coming to Facebook's platform in the form of an emphasis on stories.

Facebook shares are rising after the company reported an across the board beat on earnings.

Shares are trading up 1.65% at $189.69 after the company reported adjusted earnings of $2.39 per shares versus the Wall Street consensus of $2.25. Revenue came in at $12.78 billion, easily topping the $12.55 billion that was expected.

Investors initially sent shares of the company down more than 5% after GAAP earnings came in short, but slowly rebounded as investors realized the miss was due to a one-time tax hit of $0.77 per share.

Facebook saw a 50 million-hour-a-day reduction in the time spent in its newsfeed, which initially seemed worrisome for the company. But CEO Mark Zuckerberg said users had started to post using its "Stories" feature, which many claim the company stole from Snapchat, more than to their timelines.

pulse