The company earned $5.1 billion, or $1.74 per share, up 31 percent and above analysts' estimates of $1.71.
Facebook shares and the personal fortune of Mark Zuckerberg took massive hits as the social network felt the impact of a growth slowdown and the fallout of recent privacy scandals. He lost $16.8 billion in extended trading.
Zuckerberg woke up as the fourth richest person in the world with an $82.4billion net worth on Wednesday but was in the eighth spot by the end of the day. User growth - both on a monthly and daily basis - was flat in the USA and the rest of North America, while it declined slightly in Europe. But the sell-off points to growing concerns that Facebook will not emerge unscathed from the many controversies it faces.
The second-quarter results were the first sign that a new European privacy law and a succession of privacy scandals involving Cambridge Analytica and other app developers have bit into Facebook's business.
Facebook now employs 30,275 people - an increase of 47 per cent year-over-year.
"High expectations can be a remarkable burden, and the reaction is often brutal when they are missed, but the revenue miss was slight, and $13.2 billion is not to be sniffed at".
After the General Data Protection Regulation went into effect in Europe, Facebook started asking people to check their privacy settings and make sure they wanted to share certain kinds of data. Just in June, a total of 2.5 billion people worldwide used one of these applications, the company said.
In the second quarter, Facebook lost roughly 1 million monthly users, and 3 million daily users in Europe. "In the USA and Canada, Facebook's daily active users remained flat sequentially at 185 million, while the number actually fell in Europe, falling to 279 million, down from 282 million", writes Fox News.
Facebook topped second-quarter earnings expectations on Thursday while revenue fell short.
WND reported earlier Thursday some "journalists" were enraged that Facebook didn't simply banish news outlets such as Fox News.
"Investment company Trillium Asset Management, who has about $11 million in Facebook stock, filed a proposal on Wednesday to break up Zuckerberg's role as both chairman and CEO", the report said.
Eighty percent of the discussions were bullish heading into earnings, the firm said in an email to Business Insider, adding that "investors seem unphased after seeing Facebook's ability to weather the Cambridge Analytica news". "It's the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?" "Our view is that the company is far from out of the woods", Brian Wieser of Pivotal Research said.