Friday, March 29

Facebook revenue grew 17 percent, Posted $4.9 billion profit in Q1 2020

World’s leading social media platform Facebook reported a profit of $4.9 billion on revenue that grew 17 percent to $17.4 billion during the first quarter result of the year.

Facebook also reported a sharp jump in usage as the global pandemic in a quarterly result. The shares of social media platform climbed some 10 percent.

“Our work has always been about helping you stay connected with the people you care about,” said Mark Zuckerberg, Facebook founder and CEO. “With people relying on our services more than ever, we’re focused on keeping people safe, informed and connected.”

Facebook Q1 2020 Result

Facebook’s daily active users were 1.73 billion on average for March 2020, an increase of 11% year-over-year. Facebook monthly active users were 2.60 billion as of March 31, 2020, an increase of 10% year-over-year.

Facebook total Headcount was 48,268 as of March 31, 2020, an increase of 28% year-over-year.

The company reported quarterly sales of $17.737 billion, which beat the analyst consensus estimate of $17.480 billion. This is a 17.64% increase over sales of $15.077 billion the same period last year.

Facebook as a organization which includes Instagram and WhatsApp reported three billion users.

But looking at the slow down in March revenue dut to Covid19, the social media giant warned of “unprecedented uncertainty” about the future.