BREAKING: Facebook earnings beats estimates despite boycott from big spenders

Libra

World’s largest social media company, Facebook Inc., said its net income for the second quarter of 2020 rose to $5.18 billion, or $1.80 a share, compared with net income of $2.62 billion, or 91 cents a share, in the year-ago quarter.

Revenue improved 11% to $18.69 billion from $16.89 billion a year ago.

Analysts surveyed by FactSet had expected adjusted earnings of $1.39 a share on sales of $17.34 billion.

Monthly active users, a key indicator of Facebook’s growth and advertising appeal, improved to 2.7 billion. FactSet analysts had projected 2.63 billion, up 8.8% from the 2.41 billion reported a year ago.

“We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times,” said Mark Zuckerberg, Facebook founder and CEO. “And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”

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