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Facebook sees signs of stability in ad spending, beats revenue estimates

Shares of the world's biggest social network, which owns WhatsApp and Instagram, jumped 9% in extended trading.

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Facebook reported revenue growth of 18% in the first quarter, its slowest ever, though it beat analysts' expectations for growth of 16%. Photo: Shutterstock

Reuters San Francisco/Bengaluru
Facebook Inc beat analysts' estimates for quarterly revenue on Wednesday and said it has seen "signs of stability" for sales in April after a plunge in March, in yet another indication that tech giants may weather the coronavirus-induced economic collapse better than other sectors.

The company said advertising revenue was roughly flat in the first three weeks of April compared with the same period last year, a tentative early sign of recovery following a "steep decrease" in March revenue as lockdowns took effect worldwide to slow the spread of the virus.

Shares of the world's biggest social network,

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First Published: Apr 30 2020 | 3:06 AM IST

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