Facebook Defies Gravity But Can’t Deny Reality [Yahoo! Finance News]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: Yahoo! Finance News
Bloomberg Opinion) -- Going in to Facebook Inc.’s earnings on Wednesday, investors were braced for bad news — specifically, that advertising revenue had dried up as the shutdowns caused by the coronavirus pandemic forced customers to pull back on spending. Instead, they got a surprise. The social-media giant reported better-than-expected first-quarter financial results and gave an update for its business so far in April that was better than feared.Facebook posted earnings per share of $1.71, in line with the Bloomberg consensus, while generating $17.74 billion of revenue in the quarter, slightly higher than the $17.27 billion average analyst estimate. Even more important, Facebook said that while it did experience a “steep decrease” in its ad sales last month, it saw “signs of stability” during the first few weeks April, with ad revenue about flat versus the prior year. Facebook management added on the earnings call they also saw relative strength from the company’s gaming, technology
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