Facebook beats on profit as costs grow slower; shares rise

By Elizabeth Culliford, Paresh Dave and Akanksha Rana (Reuters) - Facebook Inc reported better-than-expected quarterly revenue on Wednesday and profit rose as growth in expenses slowed from a year earlier, assuaging investor fears of financial fallout from fierce scrutiny by regulators and lawmakers of the world's largest social media company. Shares rose nearly 3% after hours. Third-quarter revenue rose 28% compared with a year ago to $17.38 billion, beating analysts' average estimate of $17.37 billion, according to IBES data from Refinitiv.

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