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Facebook profits double in first quarter but COVID-19 also did havoc

With social isolation measures implemented by governments around the world to stem the spread of the COVID-19 pandemic, the number of Facebook users recorded an average daily of more than 1.73 billion active members in March. In the recently presented financial results report, the company led by Mark Zuckerberg reveals that profits doubled in the first three months of the year.

According to Facebook, profits reached 4.90 billion dollars, double the net results recorded in the same quarter in 2019. With respect to revenues, the technological giant managed to raise 17.7 billion dollars. The value represents an increase of 18% in relation to the first quarter of 2019, where revenues were recorded in the order of 15.98 billion.

Facebook financial results credits: Facebook

Advertising revenue came to 17.4 billion dollars, an increase of 17% over the same period. Despite the results presented, the company indicates that in the last three weeks of March, when the COVID-19 pandemic was felt in the business, there was a significant drop in demand for digital advertising, causing a decrease in the price of advertisements .

According to David Wehner, chief financial officer, there are still many uncertainties regarding revenue and profit projections for the second quarter. However, during the presentation of the results, the official indicated that there may be a stabilization of the behavior of advertisers in April, allowing foreseeing a period in which companies are looking for alternatives in approaching customers, as well as in the methods of sales and supply of products. services available.