While the advertising market may be rocky, usage is high
On Wednesday, Facebook said it experienced a"significant reduction" in the demand for advertising, as well as a related decline in the pricing of ads, during the final three weeks of the quarter ending in March. The announcement comes as businesses around the world are forced to tighten their budgets or shutter entirely because of the pandemic.
Online services such as Facebook, WhatsApp, Instagram and Zoom have become social lifelines during the pandemic for billions of people around the world. Facebook CEO Mark Zuckerberg has said the social network's usage has been so high during the coronavirus pandemic that the company is"just trying to keep the lights on." Facebook owns both WhatsApp and Instagram.
But as the broader market struggles, investors still seem upbeat about big tech and its relatively strong position to survive the pandemic given their market dominance, strong cash positions and consumers' growing reliance on online services while stuck inside their homes.
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