Facebook Shares Jump 10% After Reporting ‘Signs Of Stability’ In Ad Sales

Facebook reported revenue of $17.7 billion—up nearly 18% from a year ago, which beat Wall Street expectations of $17.4 billion.

The company disclosed earnings per share of $1.71, slightly lower than the $1.75 expected, according to Refinitiv.

Facebook recorded 2.99 billion monthly users across its family of apps—including its main app, Instagram, Messenger and WhatsApp, which was up from 2.89 billion the previous quarter.

Facebook also saw an increase in user engagement as a result of the coronavirus, though the company warned that the pandemic is adversely affecting its advertising business.

Similar to what Google said in its earnings report on Tuesday about its own advertising business, Facebook described that early data for ad sales in April looks more promising.

“After the initial steep decrease in advertising revenue in March, we have seen signs of stability reflected in the first three weeks of April,” the company said in its earnings release.