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Facebook beats Street 3Q forecasts

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MENLO PARK, Calif. (AP) — Facebook Inc. (FB) on Wednesday reported third-quarter earnings of $2.37 billion. The Menlo Park, California-based company said it had profit of 82 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.09 per share. The results exceeded Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 97 cents per share.

FILE - In this May 16, 2012, file photo, the Facebook logo is displayed on an iPad in Philadelphia. Facebook reports financial results Wednesday, Nov. 2, 2016. (AP Photo/Matt Rourke, File) The social media company posted revenue of $7.01 billion in the period, also surpassing Street forecasts. Eleven analysts surveyed by Zacks expected $6.92 billion. Facebook shares have increased 22 percent since the beginning of the year, while the Standard & Poor's 500 index has risen nearly 3 percent.

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