Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Thomas Trutschel/Photothek via Getty Images
Facebook's stock was up more than 6% in after-hours trading on Thursday, after the tech giant reported strong revenue growth, despite a global ad slowdown due to the pandemic and a growing advertiser boycott.
Why it matters: Facebook's ability to beat top and bottom line revenue expectations amid the coronavirus crisis and the boycott speaks to the strength of the company's appeal to marketers despite serious challenges.
Yes, but: The company wasn't totally immune to the headwinds facing the ad market. While it reported strong user engagement numbers as people have been stranded at home, it also experienced its slowest quarter for advertising growth (up 11%) since going public in 2012.
The big picture: The report comes on the heels of Wednesday's historic antitrust hearing in which CEO Mark Zuckerberg, along with executives of other tech giants, answered questions about their market dominance and business practices.
By the numbers, per CNBC:
- Earnings: $1.80 vs. $1.39 per share forecast by Refinitv
- Revenue: $18.7 billion vs. $17.4 billion forecast by Refinitiv
- Daily active users (DAUs): 1.79 billion vs. 1.7 billion forecast by FactSet
- Monthly active users (MAUs): 2.7 billion vs. 2.6 billion forecast by FactSet
What's next: The company says it expects that as shelter-in-place restrictions continue to ease, the number of Facebook users will likely be "flat or slightly down in most regions" in the third quarter of 2020 compared to the second quarter of the year.
Go deeper: