Facebook stock spikes as strong Q1 earnings defy coronavirus crisis [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
Facebook FBAs thecoronavirus crisis plunges the worldDespite the turmoil in the global economy, the same restrictive lockdowns that brought a record U.S.expansion to a screeching haltAMZNMSFTGOOGbeat market expectationsHere were the key results wall expected by Wall Street, according to a consensus forecast:The platform’s strong quarter comes as CEO Mark Zuckerberg is said to havereasserted more direct operational controlrole being an arbiter of political advertisementsLike its search counterpart Google, Facebook derives a significant chunk of its money from advertising, and as such is viewed as a proxy for the coming downturn in ad revenues as companies retrench. Also in line with its peers, Facebook is declining to provide forward looking guidance given the still-evolving coronavirus pandemic.At the outset of the crisis, Facebook saw a “significant reduction in the demand for advertising,” but characterized the first three weeks of April as showing “signs of stability.”The company
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