Facebook Earnings Soar in Q3 Amid Global Pandemic

Facebook interface on phone screen


While the global pandemic has had a devastating impact on a large majority of businesses, Facebook, the social giant, continues to thrive as their earnings soared in Q3. Analysts had expected revenue to drop significantly due to COVID-related budget cuts and a supposed “boycott” by brands—but clearly, that was not the case. The company also reported a 12% increase in active users and predicts Q4’s revenue growth rate to surpass what has happened last quarter. However, Facebook did see a loss of users in the U.S. and Canada (to read the full article, click here: https://techcrunch.com/2020/10/29/facebook-q3-2020-earnings-snap/#:~:text=Facebook%20reported%20its%20Q3%20earnings,smaller%20revenues%20of%20%2419.82%20billion.).


What happened to the boycott? It is clear that some brands had intended to reduce ad budgets and found the boycott a convenient excuse. More importantly, Facebook remains a very important vehicle for brands. The platform provides incredibly rich targeting, and the ads can work very well. Brands know this, which is why Facebook’s earnings continued to surge amid the COVID-19 pandemic.


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