MENLO PARK (AP) — Facebook Inc. (FB) on Wednesday reported fourth-quarter earnings of $3.56 billion.

On a per-share basis, the Menlo Park-based company said it had net income of $1.21. Earnings, adjusted for one-time gains and costs, were $1.41 per share.

READ MORE: Passenger Killed In Crash On Highway 680 In Milpitas; Driver Arrested For DUI

The results beat Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of $1.34 per share.

READ MORE: Optimism Soaring In San Francisco Bay Area As COVID Pandemic Woes And Worries Ease

The social media company posted revenue of $8.81 billion in the period, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected $8.47 billion.

Facebook shares have increased 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased almost 2 percent. In the final minutes of trading on Wednesday, shares hit $133.23, a rise of 16 percent in the last 12 months.

MORE NEWS: 'This Is Not Just Any Usual Recovery': Economist Explains Rash Of Price Hikes, Product Shortages

© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.