Facebook Q1 results: Firm sees ‘signs of stability’ in ad spending after coronavirus drop

Facebook Inc beat analysts’ estimates for quarterly revenue on Wednesday and said it has seen “signs of stability” for sales in April after a plunge in March, in yet another signal that tech giants may weather the coronavirus-induced economic collapse better than other sectors.

The announcement came a day after Alphabet’s Google said a drop in its online ad sales similarly steadied in April. Shares of Facebook, the world’s biggest social network and the owner of WhatsApp and Instagram, soared 9% in extended trading.

Facebook said advertising revenue was roughly flat in the first three weeks of April compared with the same period last year, a tentative early sign of recovery following a “steep decrease” in revenue in March as lockdowns took effect worldwide to slow the spread of the virus.