OAKLAND, Calif. (AP) – Facebook on Tuesday reported its slowest quarterly growth as a public company, pressured by the coronavirus pandemic and a resulting global slow down in digital advertising.
The social network, like Google on Tuesday, said it’s feeling the squeeze from the global pandemic but expects to weather it with modest long-term effects.
Facebook said it earned $4.9 billion, or $1.71 per share, in the January-March quarter. That’s more than double the $2.43, or 85 cents per share, it reported in the same period a year earlier. Revenue rose 18% to $17.74 billion from $15.08 billion.
Analysts polled by FactSet were expecting higher earnings of $1.74 per share and lower revenue of $17.34 billion.
Facebook had 2.6 billion monthly users on average in March, up 10% compared to a year earlier. Its daily user base during the month grew 11% to an average of 1.73 billion.