Facebook reported better-than-expected earnings and revenue on Wednesday as advertisers continued flocking to the site. Shares were up more than 1% in premarket trading on Thursday.

User growth at Facebook, which owns Instagram and WhatsApp, was in line with expectations.

Earnings: $ 1.99 cents per share vs. $1.88 per share, forecast by Refinitiv

1.99 cents per share vs. $1.88 per share, forecast by Refinitiv Revenue: $16.9 billion, vs. $16.5 billion, forecast by Refinitiv

$16.9 billion, vs. $16.5 billion, forecast by Refinitiv Daily active users: 1.59 billion, vs. 1.59 billion forecast by FactSet

1.59 billion, vs. 1.59 billion forecast by FactSet Monthly active users: 2.41 billion, vs. 2.41 billion forecast by FactSet

2.41 billion, vs. 2.41 billion forecast by FactSet Average revenue per user: $7.05 vs. $6.87 forecast by FactSet

On Wednesday, Facebook struck a $5 billion settlement with the Federal Trade Commission following the 2018 Cambridge Analytica scandal in which the data of 87 million Facebook users was improperly accessed. And late Tuesday, the Department of Justice announced a broad antitrust review of the dominant tech platforms.

"We believe that there needs to be a regulatory framework in place," said Facebook CEO Mark Zuckerberg on the call with analysts after the report. "My broader concern is that if that doesn't get put in place, then frustration with the industry I think will continue to grow."

The company said it recorded a $2 billion charge in the quarter tied to the FTC settlement. It previously set aside $3 billion. As part of the agreement, Facebook is expanding its privacy program and enhancing board oversight.

"The privacy efforts do require significant investments obviously in compliance processes, people and technical infrastructure," Chief Financial Officer David Wehner said on the call with analysts. "One of the impacts that I'd point to is it's also a reallocation of resources around privacy so that will have an impact on our overall product development as well."