Strong results from Facebook, Microsoft offer glimmer of hope

Results of global tech majors beat analyst and street estimates amid the coronavirus-induced global economic slump. Equity index futures surged in post-market trading after strong results from Facebook Inc. and Microsoft Corp., among others, putting the Nasdaq Composite on track to erase losses for the year.

Facebook Inc. beat analysts’ estimates for quarterly revenue and said it has seen “signs of stability” for sales in April after a plunge in March. This is 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 steadied in April.