Facebook: shares down after warning of Covid hit
(CercleFinance.com) - Facebook shares are down over 3% on Wednesday after the social media company warned that its business was being adversely affected by the the Covid-19 outbreak.
In a statement late on Tuesday, the world's biggest online social network said it has seen a "weakening" in its ad business in countries taking aggressive actions to reduce the spread of the pandemic.
And yet, in many of the countries hit hardest by the virus, total messaging has increased more than 50% over the last month, the Menlo Park, California-based company said.
Similarly, voice and video calling has more than doubled on its Messenger and WhatsApp applications in the places hardest hit by the virus, it said.
In Italy, for example, Facebook said it has seen up to 70% more time spent across its apps since the beginning of the crisis.
In its statement, the group however pointed out that it does not monetize many of the services where it is currently seeing increased user activity.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In a statement late on Tuesday, the world's biggest online social network said it has seen a "weakening" in its ad business in countries taking aggressive actions to reduce the spread of the pandemic.
And yet, in many of the countries hit hardest by the virus, total messaging has increased more than 50% over the last month, the Menlo Park, California-based company said.
Similarly, voice and video calling has more than doubled on its Messenger and WhatsApp applications in the places hardest hit by the virus, it said.
In Italy, for example, Facebook said it has seen up to 70% more time spent across its apps since the beginning of the crisis.
In its statement, the group however pointed out that it does not monetize many of the services where it is currently seeing increased user activity.
Copyright (c) 2020 CercleFinance.com. All rights reserved.