You’d be forgiven for the tart reply ‘Well of course they do’ – even the world’s largest social network can’t be immune from the Covid-19 pandemic’s economic impact. “We experienced a significant reduction in the demand for advertising, as well as a related decline in the pricing of our ads, over the last three weeks of the first quarter of 2020,” revealed Facebook yesterday, as it published its Q1 financial results.
“After the initial steep decrease in advertising revenue in March, we have seen signs of stability reflected in the first three weeks of April, where advertising revenue has been approximately flat compared to the same period a year ago.”
Engagement is up, equally unsurprisingly: Facebook averaged 1.73bn daily active users and 2.6bn monthly active users in March, up 11% and 10% year-on-year respectively.
Meanwhile, its ‘family’ of products (including WhatsApp, Instagram and Messenger) had 2.36bn daily active users and 2.99bn monthly active users in March – up 12% and 11%. Quarterly revenues were up 18% year-on-year to $17.74bn, while Facebook’s net profit doubled from $2.43bn in Q1 2019 to $4.9bn in Q1 2020.