(Manisha Mahar, Intern Journalist); Facebook reported its slowest revenue growth since the 2012 IPO amid the Coronavirus epidemic, although the company still falsified experts’ estimates. Its stock rose more than 6 percent in extended business, breaking that record on Friday. Facebook said that its user growth reflects a growing engagement from users who are spending more time at home, though as economies open up, at least outside the US, that change is beginning.
Facebook’s user base in the US and Canada reached 198 million daily active users per day compared to 195 million. Its user base in Europe remained the same as in the quarter before 305 million daily active users. Facebook said that its second app has 3.14 billion monthly users as compared to 2.99 billion in the previous quarter. This metric is used to measure Facebook’s total user base on its main apps, Instagram, Messenger, and WhatsApp.
The company projected revenue growth for the third quarter of 10 percent, falsifying analysts’ expectations for a 7.9% increase. At the same time, in mid-June, many brands suspended their ads on Facebook in protest against the hate speech and misinformation on the site. This includes Coca-Cola, Starbucks, and Volkswagen. Facebook said that its year-over-year revenue growth was about 10 percent through the first three weeks of July.
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