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Facebook saw 11% revenue growth despite Covid-19 pandemic

By Cookie Monster - on 31 Jul 2020, 6:45am

Facebook saw 11% revenue growth despite Covid-19 pandemic

Despite the raging Covid-19 pandemic, Facebook continues to thrive with revenue of $18.7 billion. This represents a 11% increase year over year, but it is the company's slowest revenue growth since 2012. 

Facebook's "Others" revenue was up 40% to $366 million, which includes the sales of Oculus VR headsets and the Portal video conferencing devices. As more people work from home, Facebook also saw increased engagement from its users.

“More recently, we are seeing signs of normalization in user growth and engagement as shelter in-place measures have eased around the world, particularly in developed markets where Facebook’s penetration is higher,” the company said in the statement.

The company added that its user base hit 198 million daily active users from 195 million in the previous quarter.  Across its family of apps (Facebook, Instagram, Messenger and WhatsApp), monthly active users went up from 2.99 billion in the previous quarter to 3.14 billion. 

Facebook predicts a revene growth of around 10% for the current quarter after taking into account the global headwinds, economic instability, ad boycott, regulation around ad targeting and "expected changes to mobile operating platforms".

Source: CNBC