Facebook’s quarterly revenue jumps 48 per cent
Facebook’s first-quarter sales rose 48 per cent amid strong demand from retailers and advertisers.
According to an official statement released by the company, revenue climbed to USD 26.2 billion surging past the USD 23.7 billion average estimates of analysts.
Facebook also reported a 10 per cent rise in the number of active users as shares jumped to around 5.5 per cent in late trading.
With the COVID-19 pandemic restricting people to their homes, larger advertisers shifted their focus to social media platforms to reach potential customers.
The company’s net income in the March quarter rose to USD 9.5 billion as its stock gained 12 per cent in 2021.
“Sales in the current period will remain steady or accelerate from the first quarter, but growth may stall in the second half of 2021,” read the statement.