Facebook Inc. reported an 18% increase in first-quarter revenue, showing advertising demand was strong before the COVID-19 pandemic hit marketing budgets. The company also said business was steady in the first few weeks of April, sparking a surge in its shares.
“After the initial steep decrease in advertising revenue in March, we have seen signs of stability,” the company said in a statement.Facebook shares jumped more than 10% in extended trading. They closed at $194.19 in New York earlier. That spike will likely have less impact on Facebook’s business than in prior quarters. Many of the company’s most popular features during the pandemic — including voice calling and direct messaging — are not areas where the company makes significant revenue. Facebook also gets more than half of its sales from small businesses that are suffering from the COVID-19 lockdown and recession.
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Flexibility and agility can combine to enhance a firm's response to any emergency,fbook is proving to be adept at navigating the turbulence.
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