Facebook Reports First Quarter 2020 Results

MENLO PARK, Calif. – April 29, 2020 – Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended March 31, 2020.

"Our work has always been about helping you stay connected with the people you care about," said Mark Zuckerberg, Facebook founder and CEO. "With people relying on our services more than ever, we're focused on keeping people safe, informed and connected."

Response to COVID-19 Pandemic

In response to the COVID-19 pandemic, Facebook is supporting the global public health community's work to ensure everyone has access to accurate information. We are also working to address the long-term impacts of the crisis by supporting industries in need and making it easier for people to find and offer help in their communities. We have committed over $300 million to date in investments to help our broader community during the crisis, including creating a $100 million grant program to help small businesses and investing $100 million to support the news industry.

We launched a COVID-19 information center on Facebook to provide real-time information, health and well-being tips, and the ability to offer and ask for help. We are also matching $20 million in donations to support COVID-19 relief efforts, providing health organizations with free ads and tools to track the pandemic, offering Workplace to government and emergency organizations for free, and donating $25 million to support healthcare workers on the front lines.

To help people stay connected as a record number of people use our services, we are making our apps more efficient and adding capacity, while also prioritizing enhancements in key services, such as real-time video experiences and live game-streaming.

First Quarter 2020 Financial Highlights
 
Three Months Ended March 31,
 
Year-over-Year % Change
In millions, except percentages and per share amounts
2020
 
2019 (1)
 
Revenue:
 
 
 
 
 
Advertising
$
17,440

 
$
14,912

 
17%
Other
297

 
165

 
80%
Total revenue
17,737

 
15,077

 
18%
Total costs and expenses
11,844

 
11,760

 
1%
Income from operations
$
5,893

 
$
3,317

 
78%
Operating margin
33
%
 
22
%
 

Provision for income taxes
$
959

 
$
1,053

 
(9)%
Effective tax rate
16
%
 
30
%
 

Net income
$
4,902

 
$
2,429

 
102%
Diluted earnings per share (EPS)
$
1.71

 
$
0.85

 
101%
_________________________
(1) Includes a $3.0 billion legal expense accrued in the first quarter of 2019 related to our settlement with the U.S. Federal Trade Commission (FTC).





1


The following information was filed by Facebook Inc (FB) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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