Facebook Records 11% Revenue Growth Despite COVID-19 And An Advertiser Boycott
An advertiser exodus and global pandemic wasn’t enough to stop Facebook from beating analysts’ estimates and recording 11 per cent revenue growth for Q2.
Revenue reached $US18.69 billion for the quarter, with $US18.32 coming directly from advertising.
It still marked the company’s slowest revenue growth since its 2012 IPO, however, the steady uptick suggests the #StopHateForProfit boycott did not harm the company’s bottomline as much as some expected.
However, some of the brands that did press pause on their Facebook advertising didn’t initiate the halt until July 1, meaning Q3 could be a different story for Facebook.
The company did flag “the impact from certain advertisers pausing spend on our platforms related to the current boycott” as a contributing factor to the current July outlook, which has year-over-year advertising growth at roughly 10 per cent.
Steady growth in the number of active daily users (12 per cent year-on-year) has helped Facebook navigate some of the challenges associated with COVID-19.
“Our business has been impacted by the COVID-19 pandemic and, like all companies, we are facing a period of unprecedented uncertainty in our business outlook,” Facebook said.
“We expect our business performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world, and the fluctuations of currencies relative to the U.S. dollar.”
Company CEO Mark Zuckerberg said: “We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times. And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”
The results come the day after Zuckerberg testified in front of Congress as part of an antitrust hearing into Facebook and other tech giants.
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