COVID-19: Facebook weathers first stage of coronavirus pandemic as usage jumps
Shares jumped more than 10% as leading social network reports profit of $4.9b
San Francisco: Facebook on Wednesday reported a jump in usage and higher revenues as the global coronavirus pandemic unfolded, sparking a rally in shares even as the social network warned of an uncertain outlook.
Facebook shares jumped more than 10 per cent after the leading social network reported profit of $4.9 billion (Dh18 billion) on revenue that grew 17 per cent to $17.4 billion during the first three months of this year.
Ranks of monthly active users grew 10 per cent to 2.6 billion for its core social network.
“With people relying on our services more than ever, we’re focused on keeping people safe, informed and connected,” Facebook chief and co-founder Mark Zuckerberg said.