Facebook sees 'signs of stability' in ad spending after coronavirus drop [Reuters]
Meta Platforms, Inc. - Class A (FB)
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Source: Reuters
Facebook sees 'signs of stability' in ad spending after coronavirus drop (Reuters) - Facebook Inc ( FB.O ) 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 ( GOOGL.O ) 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 an
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