Facebook beats Q2 estimates with 11% growth in revenue despite coronavirus

Facebook Inc beat analysts’ estimates for quarterly revenue on Thursday and forecast similar growth ahead, as businesses tapped its digital ads tools despite an unprecedented boycott and the economic upheaval of the coronavirus pandemic.

Facebook shares jumped 7% in extended trading after the world’s biggest social network posted revenue growth of 11%, its slowest ever but still far above analysts’ expectations of 3%, according to IBES data from Refinitiv.

Ad sales, which contribute nearly all of Facebook’s revenue, rose 10% to $18.3 billion in the second quarter as people under lockdown spent more time online and businesses rapidly pivoted to e-commerce. Monthly active users rose to 2.7 billion, ahead of estimates of 2.6 billion.