Needham analysts lowered Facebook revenue and earnings per share estimates in the near term as consumer demand falls and ad projections start to decline.
The analysts said they assume the coronavirus will "[resolve] itself by mid-June," so aren't revising estimates for the second half of 2020 or 2021. Sheryl Sandberg, chief operating officer of Facebook, was once chief of staff for U.S. Treasury Secretary Lawrence Summers.Needham analysts lowered their estimates for Facebook's revenue for the first part of the year due to the spread of coronavirus, its effects on consumer demand and the fallout for advertising.
In a research note Friday, analysts Laura Martin and Dan Medina wrote that channel checks show lower spending in travel, retail, consumer packaged goods and entertainment, which together represent 30% to 45% of Facebook's total revenue. They also wrote that six of the largest 10 advertising countries are "currently COVID-19 hotspots."
The analysts lowered their March quarter and June quarter revenue and earnings per share estimates, but said they were not making revisions to estimates for the second half of 2020 or for 2021 since they expect the coronavirus crisis to calm down by mid-June.
Russian misinformation trolls will fill the void
Good
Facebook has an annoying AF ad where people blow party whistles. It's like nails on chalkboard.
oh no will they have to steal information to profit from it again?
I don’t care what happens to Facebook.
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