The firm had revenue of $16.91 billion during the quarter, compared to analyst estimates of $16.40 billion.
Facebook's headcount grew by 42 percent over the year, to 35,587, and the company spent United States dollars 13.92 billion on capital expenditure in the year, more than double the 2017 figure.
Facebook shares jumped 7.7 per cent to US$161.99 following the release of the earnings.
Facebook founder and CEO Mark Zuckerberg said Facebook, which saw continued growth of both the online community and business, has "fundamentally changed how we run our company to focus on the biggest social issues". The social networking company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.18 by $0.20.
While Stories across all its products emerged as a strong source of revenue, Facebook CEO Zuckerberg emphasised that there are plans to bring new products to bring "major improvements to people's lives". Facebook also grew daily users in North America, Asia-Pacific and the Rest of the World on a quarterly basis.
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Why it matters: An unpredictable magnetic north is making it hard for high accuracy navigation systems to remain fully functional. So scientists at the American NOAA and Britain's BGS have had to update their model ahead of the late 2019 scheduled deadline.
Facebook has sparked outrage over its handling of vast amounts of data it collects about people. Shares of Google parent Alphabet Inc rose 1.4 percent in extended trading on Wednesday. "Advertisers are clearly still very reliant on Facebook". "There's a lot more we need to figure out".
"Between the intellectual tech press and the Washington elite, there's a huge disconnect between the news and what the rest of the world is doing", said Richard Greenfield, an analyst at BTIG LLC in NY. The company said eventually, it will no longer report how many people use the social network.
The Irish Data Protection Commission (DPC) on Monday warned Facebook over its planned integration of chat services - WhatsApp, Messenger and photo-sharing app Instagram - asking the social media giant to provide it with an "urgent briefing" on the proposals. He also highlighted the possibility that Messenger - and the combined WhatsApp / Instagram system - could serve as an iMessage-like layer for SMS that would offer more functionality and security. When an advertiser uses Facebook Ads Manager, it has the option to select one or more placements for its ads.
Messaging is the area growing most quickly, Zuckerberg says. It's important to remember there will be almost 1.9 billion Internet video users by 2021, a statistic that seems to have been adopted into the very core of Facebook's global strategy.To this point, Facebook remains one of the few platforms that can claim a truly global presence - in 2019, the number of Facebook users in China is expected to reach 56.58 million.
One in 4 Singaporeans on Facebook browse the platform even while watching television, spending 17 minutes out of a whole TV hour on their Newsfeed.