Facebook: 4Q Earnings shows $6.88B profit

MENLO PARK, Calif. (AP) — Facebook Inc. (FB) on Wednesday reported fourth-quarter net income of $6.88 billion.

The Menlo Park, Calif.-based company said it had net income of $2.38 per share.

The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $2.17 per share.

The social media company posted revenue of $16.91 billion in the period, which also topped Street forecasts. Thirteen analysts surveyed by Zacks expected $16.37 billion.

Facebook shares have risen 14 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed nearly 7 percent. In the final minutes of trading on Wednesday, shares hit $150.09, a decrease of 20 percent in the last 12 months.