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Facebook: 4Q Earnings Snapshot

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MENLO PARK, Calif. (AP) _ Facebook Inc. (FB) on Wednesday reported fourth-quarter net income of $11.22 billion.

On a per-share basis, the Menlo Park, California-based company said it had net income of $3.88.

The results surpassed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $3.24 per share.

The social media company posted revenue of $28.07 billion in the period, also exceeding Street forecasts. Fourteen analysts surveyed by Zacks expected $26.43 billion.

Facebook shares have dropped slightly since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Wednesday, shares hit $272.25, a climb of 27% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FB at https://www.zacks.com/ap/FB