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Facebook beats on earnings

Photo: Thomas Trutschel/Photothek via Getty Images

In earnings for the 2020 third quarter released Thursday, Facebook reported modest user growth but revenue increases that beat Wall Street expectations.

Why it matters: Facebook's business looks resilient and thriving despite — or maybe because of — the pandemic.

Yes, but: The company did note that user growth in the U.S. and Canada was down slightly from the second quarter, which it attributed to lockdown protocols around the pandemic being lifted.

By the numbers, per CNBC:

  • Earnings: $2.71 cents per share, vs $1.91 per share forecast by Refinitiv
  • Revenue: $21.47 billion, vs $19.8 billion forecast by Refinitiv
  • Daily active users (DAUs): 1.82 billion vs. 1.79 billion forecast by FactSet
  • Monthly active users (MAUs): 2.74 billion vs. 2.7 billion forecast by FactSet
  • Average revenue per user (ARPU): $7.89 vs. $7.32 forecast by FactSet

The big picture: The report comes the day after CEO Mark Zuckerberg testified virtually on Capitol Hill, along with executives of other tech giants, about an array of issues, including censorship and content moderation.

What's next: The company forecast a few pandemic-related headwinds going into next year, but says it's on track to grow its ad revenue next quarter during the holiday shopping season.

Go deeper:

Go deeper

Sara Fischer, author of Media Trends
Dec 1, 2020 - Technology

Facebook, Google push deals despite antitrust scrutiny

Illustration: Eniola Odetunde/Axios

Facebook announced Monday that it has purchased a customer service chatbot startup called Kustomer. The app reportedly cost Facebook $1 billion, the same amount it paid for Instagram in 2012.

Why it matters: The deal is the latest sign that the world's biggest tech companies, despite facing enormous antitrust scrutiny globally, will not stop buying up other companies.
.

Go deeper (1 min. read)Arrow
Fadel Allassan
21 hours ago - Economy & Business

Cyber Monday sets record for biggest online shopping day in U.S. history

Photo: Matt Cardy/Getty Images

Americans spent $10.8 billion on Cyber Monday this year, making it the largest online shopping day in U.S. history, according to Adobe Analytics data reported by CNBC.

Why it matters: The surge in online shopping comes as the pandemic has accelerated the decline of Black Friday shopping at traditional brick-and-mortar stores, which saw in-store traffic plunge by roughly 50% compared with last year, according to data from RetailNext and Sensormatic Solutions.

Go deeper (<1 min. read)Arrow
Ben Geman, author of Generate
23 hours ago - Energy & Environment

Big Oil's big reckoning

Illustration: Sarah Grillo/Axios

There doesn't seem to be an oil major that's got it all figured out between the pandemic, cloudy demand and price outlooks, and the unknown path through a world getting a bit more serious about climate.

Driving the news: ExxonMobil yesterday afternoon showed the latest signs of its struggle to position itself as it announced large write-offs and a big rethink of long-term spending.

Go deeper (1 min. read)Arrow