Facebook reports revenue increase despite decline in US users
Agencies | Washington
The Daily Tribune - www.newsofbahrain.com
The social media giant Facebook reported revenue that beat expectations on Thursday, but experienced a decline in its number of active users in the United States and Canada over the past several months.
The company generated a little under 21.5 billion dollars in revenue, the vast majority of which came from online advertising. The amount represents a 22 per cent increase year-over-year, said dpa international.
Facebook's chief financial officer noted that the increase in ad revenue was likely spurred by the coronavirus pandemic, which has moved much of the retail industry online.
"We believe the pandemic has contributed to an acceleration in the shift of commerce from offline to online, and we experienced increasing demand for advertising as a result of this acceleration," the company said in a statement.
Last quarter, Facebook announced that it had officially reached 3 billion monthly users across all of its apps, which include Facebook, Instagram, WhatsApp and Facebook Messenger.
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