What's going on?

Facebook wooooooooooed investors with better-than-expected third-quarter results late on Wednesday: the social media company�s stock rose 2%.

What does this mean?

Facebook�s monthly active users were up 8% on the same time last year � roughly the same growth rate as in the last two quarters. That helped revenue � which rose 29% � exceed forecasts, especially since it�d previously said revenue growth would slow throughout the year. Investors had also anticipated the tech giant�s costs would rise faster than its revenue, given the expense involved in improving user privacy and security across its platforms. And while they were right � costs rose 32% � they�d underestimated Facebook�s profit.

Why should I care?

For markets: Cackling all the way to the bank.

Last week, Snapchat-owner Snap Inc. announced it�d brought in more money than expected in its third quarter. But investors couldn�t put a flattering filter on its forecast for this quarter, and its shares fell. Twitter�s stock, meanwhile, fell almost 20% � its biggest drop in a year � after it reported in-app advertisements hadn�t been working properly, which made for weaker earnings. And after announcing plans to ban political ads altogether this week, it might lose out further still. But Twitter�s loss might be Facebook�s gain: a rush to its platforms by marketers and political candidates alike � and the higher earnings it makes as a result � may push its share price higher.

The bigger picture: Be afraid. Be very afraid.

Facebook�s recent interrogation on its plans for digital currency Libra � and on how it�s protecting its users from false political ads � could lead the US government to limit the amount of money it can earn in its current form. Some analysts think Facebook might even be forced to split apart in order to reduce its influence. But that�s not necessarily bad news for investors: some believe Facebook, WhatsApp, and Instagram could be worth more as separate companies than together.