Monthly usage across its family of apps, which also include Instagram and WhatsApp, rose 14 percent, to 3.14 billion.

More people at home means more people on Facebook.

Facebook capital expenditures for 2020 are now expected to be in the range of $14 billion to $16 billion, down from the original expectation of $17 billion to $19 billion, Wehner said. By choosing I Accept, you consent to our use of cookies and other tracking technologies. The hearing, conducted by the antitrust subcomittee, will see Zuckerberg and other Big Tech CEOs field questions from lawmakers regarding market dominance and alleged anti-competitive behavior. The year-ago figures for those two line items were $16.89 billion and $0.91. Even without big-brand advertisers, Facebook was able to grow revenue on the strength of the millions of small businesses that rely on it for direct-response advertising.

Like Zuckerberg, the three CEOs of those companies are also expected to testify.

Usage will be flat or slightly down next quarter, the company said.

After the closing bell, Facebook reported Q2 sales increased 11% year-over-year to $18.69 billion, surpassing analyst estimates of $17.34 billion.

Both Facebook’s DAUs and MAUs grew 12% from the same time last year. Will YouTube Become Your Favorite Place to Shop Online? In announcing its investigation, the subcommittee wrote that "[a] small number of dominant, unregulated platforms have extraordinary power over commerce, communication, and information online." Please also read our Privacy Notice and Terms of Use, which became effective December 20, 2019. The surge in Facebook usage during early shelter-in-place orders in the United States was not just a blip. The social media giant said Monday that the second quarter of fiscal 2020 earnings release will be published this Thursday, July 30, one day later than originally planned. That hearing itself was shifted after originally being scheduled for Monday, July 27.

The 100 million new MAUs came in above analyst projections, which had Facebook ending Q2 around 2.65 billion MAUs. The 100 million new MAUs came in above analyst projections, which had Facebook ending Q2 around 2.65 billion MAUs.

This is part of an investigation into these issues the subcommittee launched back in June 2019. Cumulative Growth of a $10,000 Investment in Stock Advisor, Facebook Delays Q2 Results Release @themotleyfool #stocks $FB $AAPL $GOOGL $AMZN $GOOG, Here's Why Facebook and Other Social Media Stocks Are Soaring Today, European Data Regulators Are Looking Into Instagram Now. A native New Yorker, he currently lives in Los Angeles.
“And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”. See you at the top! “We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times,” Facebook CEO Mark Zuckerberg said in a statement. As for the Q2 earnings, on average the analysts tracking the stock are anticipating revenue of roughly $17.40 billion and a per-share net profit of $1.39, according to data compiled by Yahoo! You can read more key takeaways from the hearing here.

Facebook has generated $6.43 earnings per share over the last year and currently has a price-to-earnings ratio of 32.5.

The company usually hosts its annual F8 developer conference in May, but this year’s event was scrapped, along with next year’s as well. But the company’s numbers are impressive in part because of a high-profile advertiser boycott that roiled the social network in July. The boycott put an initial dent in Facebook’s stock price, but the company soon recovered to where it had been trading right before the groups took action. Facebook initially planned to release its Q2 report on Wednesday, but the company postponed the release for a day because of Mark Zuckerberg’s testimony before Congress, alongside the CEOs of Apple, Amazon and Alphabet, Google’s parent company. Returns as of 10/23/2020.

Facebook pointed out that CEO Mark Zuckerberg is slated to testify before the House Judiciary Committee on Wednesday, presumably the key reason for the postponement. The company recovered the losses created by the coronavirus crisis – and some more. Copyright, Trademark and Patent Information. Facebook usage and revenue continue to grow as the pandemic rages on, Verge readers can get an exclusive discount on Jackbox Party Pack 7, Dell’s G5 15 gaming laptop is 27 percent off right now, Sign up for the As for the Q2 earnings, on average the analysts tracking the stock are anticipating revenue of roughly $17.40 billion and a per-share net profit of $1.39, according to … The company’s stock surged more than 5 percent in after-hours trading.

Back to FB Overview The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. A conference call will take place the same day to discuss the results. Finance.
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While Facebook has thrived during the pandemic, its growth is still lower than that of other tech giants. Itchy Facebook (NASDAQ:FB) investors will have to wait slightly longer than previously anticipated to find out how their company did last quarter. Facebook said in the first three weeks of July, revenue growth was roughly in line with its second quarter growth rate of 10 percent, indicating that the company had largely shrugged off the boycott. Facebook’s user growth stemmed mostly from its “Asia-Pacific” and “Rest of World” markets, although there was modest growth both in the U.S. and Europe as well. “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 its earnings release, Facebook said its business faces “a period of unprecedented uncertainty” due to COVID-19. The social network’s user base also continued to swell, with Facebook adding another 100 million monthly active users during the quarter. The company’s stock price jumped 5% in early after-hours trading to $246.89 per share — putting the company within striking distance of hitting its all-time high of $250.15.

As it did last quarter, the company warned that increased engagement may not last once the COVID-19 pandemic begins to subside. Facebook Q2 2020 earnings beat expectations as the firm recorded significant growth in revenue, earnings per share and monthly users, among other metrics. Listen to Webcast newsletter, a high-profile advertiser boycott that roiled the social network in July. Early in Q2, Facebook announced it wouldn’t host any physical events with 50 or more people until June 2021 at the earliest, due to the coronavirus pandemic. Facebook topped Wall Street’s revenue and earnings expectations when it posted its second quarter financial report on Thursday afternoon, indicating the coronavirus pandemic, a high-profile ad boycott and lingering antitrust questions did little to curb its business. Let's conquer your financial goals together...faster. Facebook closed the first trading day in the week at $233.50 – up 1.21% on the day. For example, Amazon revenue grew 40 percent to $89 billion in earnings announced Thursday, beating analyst expectations by roughly $8 billion. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life.

And since the boycott didn’t go into effect until July, after the second quarter had finished, it’s still unclear how it impacted Facebook’s business. Facebook has confirmed that its next quarterly earnings report will be published on Thursday, October 29th, 2020. One University of Pennsylvania professor told TheWrap the boycott marked a “new era” in “corporate activism.”. Facebook’s daily active users hit 1.79 billion by the end of June, while monthly active users hit 2.7 billion — up from the 2.6 billion MAUs Facebook had at the end of the first quarter. Market data powered by FactSet and Web Financial Group. The coronavirus pandemic, a prominent ad boycott and lingering antitrust questions did little to curb Facebook’s business during the second quarter. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. Also Read: Jim Jordan's Mask, Jeff Bezos on the Hot Seat and 5 More Highlights From Big Tech Congressional Hearing, Most notably during Q2, though, Facebook was hit with an ad boycott spearheaded by a number of civil rights organizations, including the Anti-Defamation League and the NAACP. “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.”. The big tech giant releases its Q2 2020 earnings Thursday after the market closes, and investors eye the $220 pivotal level. Both Facebook’s DAUs and MAUs grew 12% from the same time last year. Coca-Cola, Lego, Starbucks, and Unilever are among the companies that pulled advertising from Facebook and other social networks, driven by a coalition of civil rights groups that accused them of doing too little to stop the spread of hate speech.

For example, Amazon revenue grew 40 percent to $89 billion in earnings announced Thursday, beating analyst expectations by roughly $8 billion. The second quarter was packed with Facebook news stories, as usual. Investors don't seem to mind that they'll have to wait slightly longer to see Facebook's latest quarterlies.