Photo: Thomas Trutschel/Photothek via Getty Images

Facebook stock was down more than 6% in after-hours trading on Wednesday after the tech giant reported that it beat Wall Street's earnings expectations on revenue, but only marginally beat them on earnings per share.

Why it matters: Despite increased scrutiny around issues like privacy and election security, regulatory setbacks and heightened competition from new apps like TikTok, Facebook has continued to grow its audience and revenue.

By the numbers via CNBC:

  • Earnings (EPS): $2.56 vs. $2.53 per share forecast by Refinitiv.
  • Revenue: $21.08 billion vs. $20.89 billion forecast by Refinitiv.
  • Daily active users (DAUs): 1.66 billion vs. 1.65 billion forecast by FactSet.
  • Monthly active users (DAUs): 2.5 billion vs. 2.5 billion forecast by FactSet.
  • Estimated average revenue per user (ARPU): $8.38, per FactSet

Be smart: Facebook doesn't break out usage for its individual apps other than Facebook, but it does provide a "family of apps" user metric, which represents daily and monthly usage of Instagram, Whatsapp, Facebook and Facebook Messenger. Facebook says both metrics increased roughly 10% year over year.

  • Family daily active people (DAP): 2.26 billion, 1% year-over-year.
  • Family monthly active people (MAP): 2.89 billion, up 9% year-over-year.

The big picture: Facebook encountered several high-profile setbacks over the past quarter, which has resulted in record scrutiny from regulators in the U.S. and abroad. Most notably, policymakers pushed back on its plan to launch its own cryptocurrency, and many industry leaders and politicians slammed the company's decision not to fact-check political ads.

Go deeper: Facebook won't stop letting politicians lie in ads

Go deeper

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

Trump refuses to commit to peaceful transfer of power if he loses

President Trump repeatedly refused to say on Wednesday whether he would commit to a peaceful transition of power if he loses the election to Joe Biden, saying at a press briefing: "We're going to have to see what happens."

The big picture: Trump has baselessly claimed on a number of occasions that the only way he will lose the election is if it's "rigged," claiming — without evidence — that mail-in ballots will result in widespread fraud. Earlier on Wednesday, the president said he wants to quickly confirm a replacement for Justice Ruth Bader Ginsburg because he believes the Supreme Court may have to decide the result of the election.

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