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Coronavirus
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2020
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Ny Digital
Facebook Hits 2.6 Billion Monthly Users, Cites ‘Significant’ Drop in Q1 Ad Sales Because of Coronavirus Crisis
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variety.com
variety.comBy Todd Spangler NY Digital Editor Facebook 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 in the first part of April.
For Q1, Facebook reported $17.74 billion in revenue, up 17%, and net income of $4.9 billion (or earnings per share of $1.71).
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
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