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Facebook (FB) Needs Higher Cost Ads, Recode's Lee Says

NEW YORK (TheStreet) --Facebook (FB) reported stronger than expected 2016 third quarter financial results after the market close on Wednesday.

The social media giant posted earnings of $1.09 per share on revenue of $7.01 billion. Analysts' were projecting earnings of 97 cents per share on revenue of $6.93 billion.

Despite the top and bottom line beat, Facebook offered cautionary guidance for 2017.

The company expects ad revenue growth rates to decline "meaningfully" and for 2017 to be an "aggressive"...