Facebook sees growth in users year-over-year during COVID-19 for Q1 2020

COVID-19 has negatively affected the lives of many people around the world, but for Facebook, the pandemic seems to have helped to increase the company’s user base in Q1 2020, especially for the March.

In Facebook’s  Q1 earnings report, the company saw growth of 1.73 billion daily active users (DAU), according to its first quarterly earnings for the year. This is a jump from the 1.66 billion the company reported in its previous quarter. If you include all of the company’s family of apps, Facebook, Instagram, Messenger and WhatsApp, their DAUs climbed to 2.36 billion. They also saw a monthly active user climb of 3 billion, which is an 11 percent increase year-over-year.

Though the company is doing well, it has also seen a reduction in demand for advertising. “We experienced 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 quarter of 2020,” said the company’s earnings report. The company does note that COVID-19 has impacted it and that it’s facing a period of uncertainty. “We expect our business performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world, and the fluctuations of currencies relative to the U.S. dollar.”

However, even with a decrease in advertising this past quarter, the company notes a revenue increase of 18 percent year-over-year. From January to March 31st Facebook earned a total revenue of $17.737 billion (roughly 24 billion CAD), compared to last year’s first quarter of $15,077 billion (roughly $20 billion CAD). This is a decrease compared to  Q4, of 2019; however, where Facebook reported revenue of $21.08 billion USD (about $27.83 billion CAD).

During a investors call with CEO Mark Zuckerberg said that Facebook won’t be pulling back on the amount of investing on its platform.

Source: Facebook Earnings, Via: Engadget

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