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| Facebook announces promising results under Corona |
Facebook announced today (Wednesday) that its financial results for the first quarter of 2020 exceeded the expectations of analysts, and reported seeing signs of stabilizing advertising spending in the first three weeks of April.
The company also owns shares in other companies, most famously WhatsApp and Instagram, which grew 9% as part of the expanded deal.
It should be noted that due to the uncertainty associated with the new Coronavirus (COVID-19), advertisers have withdrawn or reduced their marketing budgets to control costs, including: many small businesses and direct consumers who often advertise through Facebook Brand.
Facebook said advertising revenue in the first three weeks of April was almost the same as last year. According to Refinitiv's IBES data, advertising revenue increased 17% to $ 17.44 billion in the first quarter, higher than the average analyst forecast of $ 17.36 billion.
Facebook said: In the first quarter, at least 2.99 billion users interacted with one of its apps each month, which was more than 2.89 billion users in the previous quarter.
As of March 31 of the first quarter of 2020, Facebook's total revenue increased from $ 15.08 billion to $ 17.74 billion, exceeding the average analyst forecast of $ 17.44 billion.