Q2 2020: Despite boycott, Facebook sees 10% YoY growth in advertising revenue
The total revenue saw a growth of 11%, compared to Q2 2019
Facebook has released its second quarter 2020 financial results.
Despite an ongoing advertiser boycott over its policing of hate speech, the social networking giant recorded a 10% Year-over-Year growth in advertising revenue. The Q2 2020 advertising revenue stood at $18,321 million, compared to $16,624 million it recorded in Q2 2019.
The total revenue too saw a growth of 11%, compared to Q2 2019. It stood at $18,687 million in Q2 2020 compared to $16,886 million in Q2 2019.
Facebook's daily active users (DAUs) were 1.79 billion on average for June 2020, an increase of 12% year-over-year. The monthly active users (MAUs) count was 2.70 billion as of June 30, 2020, an increase of 12% year-over-year.
The headcount of the company was 52,534 as of June 30, 2020, an increase of 32% year-over-year.
Commenting on the results, Facebook founder and 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."
Talking about the impact of COVID-19, Facebook stated," 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. 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."
"Facebook DAUs and MAUs in the second quarter of 2020 reflect increased engagement as people around the world sheltered in place and used our products to connect with the people and organizations they care about. Looking forward, as shelter-in-place restrictions continue to ease, we expect the number of Facebook DAUs and MAUs to be flat or slightly down in most regions in the third quarter of 2020 compared to the second quarter of 2020," it stated.
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