Facebook (NASDAQ: FB) reported its third quarter financial results after the closing bell on Wednesday. The social media giant topped analysts’ earnings and revenue expectations, sending shares higher by 4% shortly after reporting.

For the quarter, Facebook reported earnings of USD 2.12 per share on revenue of USD 17.65 Billion. Bloomberg analysts anticipated earnings of USD 1.91 per share on revenue of USD 17.35 Billion.

At the end of the quarter, Facebook witnessed its revenue increase by 29% year-over-year. Advertising revenues total USD 17.38 Billion, representing a 28% growth year-over-year.

Daily active users (DAUs) reached 1.62 billion on average for September 2019, increasing by 9% year-over-year. Monthly active users (MAUs) reached 2.45 billion in the same period, representing an 8% increase.

Mobile advertising revenue accounted for approximately 94% of total ad revenue for the quarter, up approximately 92% compared to the same quarter a year ago.

Headcount reached a total of 43,030 as of September 30, 2019, an increase of 28% year-over-year.

"We had a good quarter and our community and business continue to grow," said Mark Zuckerberg, Facebook Founder and Chief Executive Officer. "We are focused on making progress on major social issues and building new experiences that improve people's lives around the world."

Despite the battle between Congress as well as dozens of other state Attorney Generals, Facebook was able to surpass expectations. However, analysts still believe that Facebook’s ad revenue would remain firm amid the slowing economy, according to Yahoo.

Nonetheless, Facebook shares are still up 48.6% this year leading into Wednesday’s closing price.