MENLO PARK, Calif. (AP)--Facebook Inc. (FB) on Wednesday reported fourth-quarter earnings of $1.56 billion.

The Menlo Park, California-based company said it had profit of 54 cents per share. Earnings, adjusted for one-time gains and costs, were 79 cents per share.

The results beat Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The social media company posted revenue of $5.84 billion in the period, also exceeding Street forecasts. Fourteen analysts surveyed by Zacks expected $5.36 billion.

Facebook shares have dropped almost 10 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped nearly 8 percent. In the final minutes of trading on Wednesday, shares hit $94.45, a rise of 25 percent in the last 12 months.

--Associated Press