'We're not immune to this crisis,' Facebook CFO David Wehner said as he noted the company saw a steep decline in ad revenue amid the Covid-19 pandemic.
Analysts surveyed by Refinitiv expect $1.75 in earnings per share and $17.41 billion in revenue for the first quarter. However, comparing Facebook's results against analysts' estimates is not straightforward given the coronavirus pandemic's impact on economies around the world.
Facebook said it is now seeing signs of stabilization after seeing an initial steep decrease in advertising revenue in March due to Covid-19. Early data for April looks more promising, the company said. This echoes whatThe company's revenue came in at $17.74 billion, up nearly 18% from the $15.08 billion the company reported in the first quarter of 2019.
Facebook said it counts 2.99 billion monthly users across its family of apps, compared to 2.89 billion in the previous quarter. This metric is used to measure Facebook's total user base across its main app, Instagram, Messenger and WhatsApp. In the U.S. and Canada, Facebook's user base rose to 195 million daily active users from 190 million a quarter earlier. Its user base in Europe increased to 305 million from 294 million daily active users in the prior quarter.
Facebook's "Other" revenue came in at 297 million for the quarter, up 80% compared to last year. This includes sales of Oculus virtual reality headsets and the Portal TV video-chatting device, which wasThe company reported its cash and cash equivalents at $60.29 billion.
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