Facebook Smashes Q2 Estimates as it Reports 11% Revenue Growth Amid Covid-19 Crisis

“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”. Looking forward, said the company, 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”.

Facebook expects total expenses in 2020 to be in the range of $52-55 billion, narrowed slightly from the prior range of $52-56 billion. “We do not profit from misinformation or hate,” Zuckerberg said on the conference call. Earlier on Wednesday, four big tech CEOs — Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple — pushed back against accusations during a US Congress panel hearing capping a yearlong investigation into these companies’ market domination online.