This archive report was first published on 31 July 2020.
July 31, 2020 - Facebook's quarterly profit has seen a significant surge, nearly doubling to $5.2 billion, despite a boycott by advertisers and the ongoing pandemic-induced economic turmoil.
The social network's revenue reached $18.7 billion in the recently ended quarter, with the number of monthly active users rising to 2.7 billion.
Facebook's chief executive, Mark Zuckerberg, attributed the strong quarter to the company's resilience and adaptability in the face of adversity.
'This was a strong quarter for us, especially compared to what we expected at the start,' Zuckerberg said.
Shares in the Silicon Valley-based technology giant saw a six percent increase in after-market trades following the release of the earnings figures.
The company's overall 'family' of apps, including WhatsApp and Messenger, saw a combined monthly active user base of over three billion, according to Zuckerberg.
However, the COVID-19 pandemic continues to pose challenges for the company, with Zuckerberg stating that he could not predict when Facebook employees would return to their offices.
He also expressed disappointment over the surge in coronavirus cases in the US, attributing it to the government's handling of the crisis.
Facebook expects a significant portion of its employees to work from home on a long-term basis, with up to half of the workforce potentially working remotely in the next five to ten years.
During a Congressional antitrust hearing, Zuckerberg highlighted the importance of technology firms during the crisis, emphasizing their role in improving people's lives.
'As I said yesterday, the tech industry is an American success story,' Zuckerberg said.
He also acknowledged the criticism surrounding Facebook's handling of hate speech and misinformation, stating that the company does not want hate speech on the platform.
Organizers of a Facebook ad boycott have vowed to continue their campaign, citing the company's failure to offer meaningful action on curbing hateful content.
Despite this, Zuckerberg expressed concerns over calls for regulators to make it more difficult to target advertising, warning that such a move would hurt small businesses and have a negative impact on the economy.
