OAKLAND, Calif. – Facebook on Tuesday reported its slowest quarterly growth as a public company, pressured by the coronavirus pandemic and a resulting global slowdown in digital advertising.
The social network, like Google on Tuesday, said it’s feeling the squeeze from the global pandemic but expects to weather it with modest long-term effects.
Facebook said it earned $4.9 billion, or $1.71 per share, in the January-March quarter. That’s more than double the $2.43, or 85 cents per share, it reported in the same period a year earlier.
Revenue rose 18% to $17.74 billion from $15.08 billion. Analysts polled by FactSet were expecting higher earnings of $1.74 per share and lower revenue of $17.34 billion.