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Facebook shares rose more than 1% in extended trading on Monday after the company reported better-than-expected third-quarter earnings even as revenue missed analysts’ estimates.

Facebook also said it’s increasing its share buyback program by $50 billion.

Here are the results.

• Earnings:$3.22 vs$3.19 per share expected by analysts, according to Refinitiv.
• Revenue: $29.01 billion vs $29.57 billion expected by analysts, according to Refinitiv.
• Daily active users (DAUs): 1.93 billion vs. 1.93 billion expected by analysts, according to StreetAccount.
• Monthly active users (MAUs):2.91 billion vs. 2.93 billion expected by analysts, according to StreetAccount.
• Average revenue per user (ARPU): $10.00 vs $10.15 expected by analysts, according to StreetAccount.

Facebook reported net income of $9.19 billion, or $3.22 a share, ahead of Wall Street’s consensus estimate at $3.19 a share. Revenue of $29.01 billion was a tick below the consensus at $29.57 billion.

Meanwhile, Facebook said it expects fourth-quarter revenue of between $31.5 billion and $34 billion—below the $34.7 billion analysts are expecting. The outlook, Facebook said, “reflects the significant uncertainty we face in the fourth quarter in light of continued headwinds from Apple’s iOS 14 changes, and macroeconomic and COVID-related factors.”

During the company’s earnings call, CEO Mark Zuckerberg pushed back against a narrative that the company is putting profits over user safety. He touted research and efforts the company has taken to improve and learn from its mistakes. Zuckerberg repeated calls for lawmakers to create clear guidelines for social media firms. He also said the company is re-focusing its efforts to better cater to young adults, amid rising competition from TikTok and Apple’s iMessage.

The company ended the quarter with 2.91 billion monthly active users, compared to analysts’ forecast of 2.93 billion. Daily active users at 1.93 billion were in line with expectations.

Investors may have sold the rumor and bought the news. Facebook’s announcement that it had authorized an additional $50 billion in stock repurchases could also be helping shares in after hours trading.

There’s been a lot more news swirling around Facebook, with the company considering changing its name, The Verge reports.The company did not confirm a name change in its earnings release but did say it plans to break out Facebook Reality Labs as a separate reporting segment from the fourth quarter onward. Facebook said the decision reflects its investment in putting significant resources toward augmented and virtual reality products and services. The Family of Apps segment will include Facebook, Instagram, Messenger, WhatsApp and other services.

During the company’s earnings call, Zuckerberg also touted efforts to build the metaverse, a theorized next evolution of the internet, in which users socialize, shop, and consume entertainment in always-online virtual worlds. He said he’ll share more about his vision on Oct. 28, when he is slated to speak during the company’s virtual Facebook Connect event.The company expects Facebook Reality Labs will reduce Facebook’s overall operating profit in 2021 by about $10 billion.

“I’m excited about our roadmap, especially around creators, commerce, and helping to build the metaverse,” Zuckerberg said in the earnings release.