Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday and said it has seen 'signs of stability' for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors.
) beat analysts’ estimates for quarterly revenue on Wednesday and said it has seen “signs of stability” for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors.
Facebook said advertising revenue was roughly flat in the first three weeks of April compared with the same period last year, a tentative early sign of recovery following a “steep decrease” in revenue in March as lockdowns took effect worldwide to slow the spread of the virus. Even so, analysts have a gloomy outlook for Facebook’s second quarter, with advertisers across industries slashing marketing budgets to rein in costs in response to virus-related uncertainty, including many of the small businesses and direct-to-consumer brands that market themselves heavily on Facebook.
Facebook took pains “to diversify its advertiser mix, investing in expanding relationships with larger advertisers. This likely has helped protect the platform from the decline among smaller advertisers,” he said.Facebook said it was lowering its guidance for total expenses in 2020 to $52 billion-$56 billion, down from a prior range of $54 billion-$59 billion, citing slower headcount growth and savings from canceled travel, events and marketing.
“I think it’s important that rather than slamming on the brakes now, as I think a lot of companies may, to keep on building and keep on investing,” Zuckerberg said.
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