Facebook’s revenue growth is still slowing, but it keeps beating Wall Street’s expectations

Facebook’s business is slowing, but still not as much as Wall Street thinks it is.

The company reported Q2 earnings Wednesday, and here are the highlights: Profits of $1.32 per share on revenue of $9.16 billion, its largest single quarter ever. That represents 45 percent revenue growth over last year, beating the 43 percent growth analysts were looking for, though still the company’s smallest year-over-year jump since mid-2015.

Investors were bracing for a slightly more dramatic revenue slowdown from Facebook, which has been warning Wall Street that its year-over-year revenue growth would start to decline this year because it is running out of space to show people ads in News Feed.

It hasn’t happened yet, though, at least not significantly. Facebook stock is virtually flat in early after-hours trading.

Facebook also has more than two billion users, a milestone it crossed late last month. The company says that 66 percent of those users — or 1.32 billion — visit the service daily.

We’re still digging through the numbers and will update as we learn more. The company will hold a call with analysts and investors at 2 pm PT.

This article originally appeared on Recode.net.

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