Facebook posted strong financial results for Q1 2020, despite the effects of the COVID-19 crisis on its advertising business.
Revenues for the first quarter were up 18% to £14 billion. However, the company was quick to point out that advertising demand had gone down and could affect future results. Additionally, ads had seen a drop in pricing.
Meanwhile, the company’s daily active user numbers were up 11% to 1.73 billion during the first quarter. Monthly active users increased 10% year-on-year to 2.6 billion.
Across all its platforms (Instagram, WhatsApp and Facebook), the social network recorded some 2.99 billion monthly active users.
“Our work has always been about helping you stay connected with the people you care about,” said Mark Zuckerberg, founder and CEO of Facebook. “With people relying on our services more than ever, we’re focused on keeping people safe, informed and connected.”
Facebook said it was busy expanding its support to its global community in light of the pandemic. It has pledged over $300 million in funds to support the community and industry during the crisis.
“Brands continuing to spend on the platform are seeing strong performance with more efficient pricing and higher engagement rates. As people stay at home, the Facebook family of apps has become more consequential and hardware like Portal is gaining additional traction. With the release of group chats and continued investment in Watch, Facebook is poised to further capture consumer time and attention from the 3 billion people that use its apps each month. Looking ahead, these engaged audiences inside closed ecosystems will be prime for monetization.”