AGL 40.39 Increased By ▲ 0.39 (0.98%)
AIRLINK 127.59 Increased By ▲ 0.55 (0.43%)
BOP 6.62 Decreased By ▼ -0.05 (-0.75%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.42 Decreased By ▼ -0.13 (-1.52%)
DFML 41.60 Increased By ▲ 0.16 (0.39%)
DGKC 86.89 Increased By ▲ 0.04 (0.05%)
FCCL 32.10 Decreased By ▼ -0.18 (-0.56%)
FFBL 65.00 Increased By ▲ 0.20 (0.31%)
FFL 10.13 Decreased By ▼ -0.12 (-1.17%)
HUBC 110.27 Increased By ▲ 0.70 (0.64%)
HUMNL 14.81 Increased By ▲ 0.13 (0.89%)
KEL 5.15 Increased By ▲ 0.10 (1.98%)
KOSM 7.20 Decreased By ▼ -0.26 (-3.49%)
MLCF 41.50 Increased By ▲ 0.12 (0.29%)
NBP 59.85 Decreased By ▼ -0.56 (-0.93%)
OGDC 194.20 Increased By ▲ 4.10 (2.16%)
PAEL 28.66 Increased By ▲ 0.83 (2.98%)
PIBTL 7.88 Increased By ▲ 0.05 (0.64%)
PPL 150.80 Increased By ▲ 0.74 (0.49%)
PRL 26.60 Decreased By ▼ -0.28 (-1.04%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 77.70 Decreased By ▼ -8.30 (-9.65%)
TELE 7.43 Decreased By ▼ -0.28 (-3.63%)
TOMCL 35.35 Decreased By ▼ -0.06 (-0.17%)
TPLP 8.00 Decreased By ▼ -0.12 (-1.48%)
TREET 16.17 Decreased By ▼ -0.24 (-1.46%)
TRG 52.76 Decreased By ▼ -0.53 (-0.99%)
UNITY 26.75 Increased By ▲ 0.59 (2.26%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 9,955 Increased By 71.5 (0.72%)
BR30 30,899 Increased By 298.5 (0.98%)
KSE100 93,878 Increased By 522.7 (0.56%)
KSE30 29,109 Increased By 177.8 (0.61%)

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.

The announcement came a day after Alphabet's Google said a drop in its online ad sales similarly steadied in April. Shares of Facebook, the world's biggest social network and the owner of WhatsApp and Instagram, soared 9% in extended trading.

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.

Revenue growth was 18% in the first quarter, Facebook's slowest ever, although it beat analysts' expectations for growth of 16%, according to IBES data from Refinitiv. Ad sales rose 17% to $17.44 billion.

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.

Total costs for the first quarter rose just 1% to $11.84 billion, well below the 5.6% rise that analysts had forecast.

Facebook said around 3 billion users interacted with at least one of its apps each month in the quarter, up from 2.9 billion last quarter, as the use of social networks surged with people stuck at home during virus-related lockdowns.

Some of that engagement is expected to slip once shelter-in-place orders are relaxed, the company said.

Copyright Reuters, 2020

Comments

Comments are closed.