Total costs and expenses surged 34 per cent in the fourth quarter to US$12.22 billion, dragging down operating margins

Facebook Inc just beat analysts’ estimates for daily active users on Wednesday, as the world’s largest social network faced fierce competition for users’ screen time from a slew of entertainment apps like TikTok and Netflix.
Shares of the company were down 5 per cent as total costs and expenses surged 34 per cent in the fourth quarter to US$12.22 billion, dragging down operating margins.
Daily active users rose to 1.66 billion, slightly ahead of estimates of 1.65 billion, according to IBES data from Refinitiv.
Total revenue rose to US$21.08 billion from US$16.91 billion, beating an estimate of US$20.89 billion.
© Thomson Reuters 2020