UPDATE 2-Facebook, beating revenue estimates, sees signs of stability in ad spending [Reuters]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: Reuters
Facebook, beating revenue estimates, sees signs of stability in ad spending (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 indication that tech giants may weather the coronavirus-induced economic collapse better than other sectors. The company 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 March revenue as lockdowns took effect worldwide to slow the spread of the virus. Shares of the world’s biggest social network, which owns WhatsApp and Instagram, jumped 9% in extended trading. Advertisers across industries have pulled or cut marketing budgets to rein in costs in response to virus-related uncertainty, including many of the small businesses and direct-to-consumer brands that market themselves heavily o
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