Facebook Reports Third Quarter 2020 Results

MENLO PARK, Calif. – October 29, 2020 – Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended September 30, 2020.

"We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times," said Mark Zuckerberg, Facebook founder and CEO. "We continue to make significant investments in our products and hiring in order to deliver new and meaningful experiences for our community around the world."

Third Quarter 2020 Financial Highlights
 
Three Months Ended September 30,
 
Year-over-Year % Change
In millions, except percentages and per share amounts
2020(1)
 
2019 
 
Revenue:
 
 
 
 
 
Advertising
$
21,221

 
$
17,383

 
22%
Other
249

 
269

 
(7)%
Total revenue
21,470

 
17,652

 
22%
Total costs and expenses
13,430

 
10,467

 
28%
Income from operations
$
8,040

 
$
7,185

 
12%
Operating margin
37
%
 
41
%
 

Provision for income taxes
$
287

 
$
1,238

 
(77)%
Effective tax rate
4
%
 
17
%
 

Net income
$
7,846

 
$
6,091

 
29%
Diluted earnings per share (EPS)
$
2.71

 
$
2.12

 
28%
_________________________
(1) Our third quarter 2020 effective tax rate was 4%, which reflects a one-time income tax benefit of $913 million related to the effects of a tax election to capitalize and amortize certain research and development expenses for U.S. income tax purposes. Excluding this tax benefit, our effective tax rate would have been 11 percentage points higher and our diluted EPS would have been $0.31 lower.

Third Quarter 2020 Operational and Other Financial Highlights

Facebook daily active users (DAUs) – DAUs were 1.82 billion on average for September 2020, an increase of 12% year-over-year.
Facebook monthly active users (MAUs) – MAUs were 2.74 billion as of September 30, 2020, an increase of 12% year-over-year.
Family daily active people (DAP) – DAP was 2.54 billion on average for September 2020, an increase of 15% year-over-year.
Family monthly active people (MAP) – MAP was 3.21 billion as of September 30, 2020, an increase of 14% year-over-year.
Capital expenditures – Capital expenditures, including principal payments on finance leases, were $3.88 billion for the third quarter of 2020.
Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $55.62 billion as of September 30, 2020.
Headcount – Headcount was 56,653 as of September 30, 2020, an increase of 32% year-over-year.




1


The following information was filed by Facebook Inc (FB) on Thursday, October 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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