Facebook quarterly revenue beats estimates

Reuters

Updated October 29, 2020 at 4:07 p.m.

Oct 29 (Reuters) - Facebook Inc beat analysts' estimates for quarterly revenue on Thursday, as more businesses used its digital advertising tools during a pandemic-induced surge in online traffic.

Total revenue, which primarily consists of ad sales, rose to $21.47 billion from $17.65 billion in the third quarter ended Sept. 30, beating analysts' estimates of $19.82 billion, according to IBES data from Refinitiv.

(Reporting by Noor Zainab Hussain in Bengaluru and Katie Paul in San Francisco; Editing by Shounak Dasgupta)

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