In a quarterly update, Facebook reports a sharp jump in usage, sparking a rally in shares which climb some 10%. Full story:
FACEBOOK. In this file photo, the Facebook logo is displayed on a smartphone on March 25, 2020 in Arlington, Virginia. Photo by Olivier Douliery/AFP
Chief executive Mark Zuckerberg vowed to keep pouring money into social networking"needs" revealed by the crisis despite uncertainty about the impact of the health emergency on the economy and its business. But Facebook warned of"unprecedented uncertainty" about the future of its business as a result of the COVID-19 pandemic.
A steep decrease in advertising revenue in March was followed by signs of stability, according to the social network. "The April trends reflect weakness across all of our user geographies as most of our major countries have had some sort of shelter-in-place guidelines in effect," Facebook said. "I don't expect that this exact spike in usage will sustain over a longer period of time," Zuckerberg said.
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