I am a New York—based reporter for Forbes covering breaking news, with a focus on financial topics. Previously, I wrote about investing for Money Magazine and was an intern at Forbes in 2015 and 2016. I graduated from the University of St Andrews in 2018, majoring in International Relations and Modern History. Follow me on Twitter @skleb1234 or email me at [email protected]
Shares of social media giant Facebook rose by more than 10% after the company reported first quarter earnings that beat revenue expectations, despite an initial slowdown in advertising sales during the coronavirus.Mark Lennihan/ASSOCIATED PRESSFacebook reported revenue of $17.7 billion—up nearly 18% from a year ago, which beat Wall Street expectations of $17.4 billion.
The company disclosed earnings per share of $1.71, slightly lower than the $1.75 expected, according to Refinitiv. Facebook recorded 2.99 billion monthly users across its family of apps—including its main app, Instagram, Messenger and WhatsApp, which was up from 2.89 billion the previous quarter. Facebook saw an increase in user engagement as a result of the coronavirus, though the company also warned that the pandemic is adversely affecting its advertising business.on Tuesday about its own advertising business, Facebook described that early data for ad sales in April looks more promising.
“After the initial steep decrease in advertising revenue in March, we have seen signs of stability reflected in the first three weeks of April,” the company said in its earnings release. “With people relying on our services more than ever, we're focused on keeping people safe, informed and connected,” Mark Zuckerberg, Facebook founder and CEO, said in a statement.
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