Facebook Hits 2.6 Billion Monthly Users, Cites ‘Significant’ Drop in Ad Sales Because of Coronavirus Crisis
said it saw “a significant reduction in the demand for advertising” over the last three weeks of the first quarter of 2020, although the social giant said that had stabilized to flat growth in the first part of April.
For Q1, Facebook reported $17.74 billion in revenue, up 17%, and net income of $4.9 billion . Analysts had expected Facebook to post revenue of $17.48 billion and earnings of $1.74 per share. The company said Facebook monthly active users increased by 10% year over year, to 2.6 billion worldwide. After the initial steep decrease in advertising revenue in March, “we have seen signs of stability reflected in the first three weeks of April, where advertising revenue has been approximately flat compared to the same period a year ago,” Facebook said. The April trends “reflect weakness across all of our user geographies as most of our major countries have had some sort of shelter-in-place guidelines in effect.
“Our business has been impacted by the COVID-19 pandemic and, like all companies, we are facing a period of unprecedented uncertainty in our business outlook,” the company said., Facebook founder and CEO, said “Our work has always been about helping you stay connected with the people you care about. With people relying on our services more than ever, we’re focused on keeping people safe, informed and connected.
Facebook daily active users were 1.73 billion on average for March 2020, up 11% year-over-year. The company’s monthly active users across the family of services — Facebook, Instagram and WhatsApp — also grew 11%, to 2.99 billion as of the end of March, up about 100 million from the end of 2019.
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