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Facebook stock spikes despite ‘significant reduction’ in demand for ads

The coronavirus pandemic is significantly slowing the growth of Facebook’s ads business, but investors seem pleased with the company’s performance in Q1 after Facebook liberated its earnings report Wednesday.

The company lash Wall Street promises on receipts, sharing that they had did $17.74 billion while falling short on earnings per share at $ 1.71. The company too shared that monthly active users had swollen to 2.6 billion customers, overpowering promises of 2.55 billion.

The company’s shares rose upwards of 10% after-hours following the report’s release.

While Facebook’s ad incomes in Q1 showcased 17% year-over-year growth, Facebook consumed its earnings edicts to hedge apprehensions for Q2. The digital ads busines has made a major make in the past few weeks in the interests of the pandemic crisis. In its exhaust, Facebook said they had discover a” a significant reduction in the demand for advertising, as well as a related decline in the pricing of our ads, over the last three weeks of the first three months of 2020.”

The company said they would not be providing guidance for Q2 of full-year 2020, instead indicating that the first three weeks of April marked flat year-over-year growth in the the company’s outsized ads business. Facebook’s ad revenues for Q4 2019 expressed 25% year-over-year growth by comparison.

Flat growth is far from the doomsday drop-off investors had horror may smack the digital ads sell as cash-strapped ventures reeled in publicize budgets.

via Facebook Investor Relations

Facebook’s $17.44 billion in ad revenues forms up the lion’s share of its revenue swelling, but the company’s “Other” segment of revenue, which includes many endeavours, including its Portal and Oculus hardware business, developed 80% year-over-year to $297 million.

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Read more: feedproxy.google.com

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