Facebook, Microsoft and Qualcomm reported their quarterly earnings Wednesday.
Here are four things to know from the reports.
1. Facebook ended the fourth quarter of fiscal year 2017 with $4.3 billion in net income, up 19.6 percent from $3.6 billion reported during the same period a year prior. Facebook's fourth quarter revenue jumped 47.3 percent to $13 billion, while expenses increased 32.5 percent to $5.6 billion.
2. Facebook shares fell following market close Wednesday after Facebook executives said users' time spent on the social network fell by 50 million hours a day in the fourth quarter of 2017, due to recent content changes. However, stocks recovered after executives said advertising prices increased, CNBC reports.
3. For the second quarter of fiscal year 2018, Microsoft saw revenue climb 12 percent to $28.9 billion. The company said its cloud services fueled the growth. Microsoft ended the second quarter of 2018 with a $6.3 billion net loss, compared to net income of $6.3 billion in the same period a year prior. The company took a $13.8 billion net charge under new U.S. tax law in the second quarter of 2018.
4. Qualcomm also took a hit under U.S. tax reform, contributing to a $6 billion loss in the first quarter of fiscal year 2018. At the same time, Qualcomm saw revenue of $6.1 billion in the first quarter of 2018, up 1 percent from the same period a year prior. The chipmaker's earnings forecast for the first quarter fell below analysts' estimates as mobile sales in China were tepid, Reuters reports.
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