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The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
|Income statement item||Description||The company|
|Revenue||Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.||Facebook Inc.’s revenue increased from 2018 to 2019 and from 2019 to 2020.|
|Income from operations||The net result for the period of deducting operating expenses from operating revenues.||Facebook Inc.’s income from operations decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.|
|Income before provision for income taxes||Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.||Facebook Inc.’s income before provision for income taxes decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.|
|Net income||The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.||Facebook Inc.’s net income decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.|