LONDON (ShareCast) - (Sharecast News) - Social media giant Facebook topped estimates for quarterly revenues and profits after the bell on Wednesday, boosted by solid growth over at Instagram and an increase in advertising revenues.
Facebook revealed that net income attributable to its shareholders had risen 61% in the three months ended 31 December to $6.88bn, or $2.38 on a per share basis - ahead of the $2.19 predicted on the Street.

Total revenues shot up 30% to $16.91bn - topping analysts' estimates of $16.39bn.

The Californian firm saw advertising sales rocket 30% to $16.64bn in the quarter, while costs rose 62% to $9.09bn as a result of efforts to improve content and security after recent data and privacy breaches.

Monthly active users increased 9% to 2.32bn.

"Our community and business continue to grow," said chief executive Mark Zuckerberg.

"We've fundamentally changed how we run our company to focus on the biggest social issues, and we're investing more to build new and inspiring ways for people to connect."

As of 2200 GMT, Facebook shares had rallied 8.20% in after-hours trading to $162.76 each.

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