Facebook increases third quarter profit driven by advertising

The social network also reveals that it managed to halve expenses related to “general and administration”, largely due to the closing of offices around the world, following the trend of teleworking.

Facebook's results for the third quarter of 2020 showed profit growth to $ 17,9 billion (€ 15,3 billion), 61% more than $ 11,1 billion (9,5 , 2019 billion euros) registered in the same period of XNUMX, according to “Expansión”.

Facebook points to advertising as the main factor for increasing profits, after the Covid-19 pandemic forced several companies to strengthen their presence on digital platforms, thus increasing the advertising that is made on the platform. In turn, Facebook shareholders received $ 6,29 (5,3 euros) per share up to, more than double compared to $ 3,90 (3,3 euros) recorded in October 2019.

The social network also reveals that it managed to halve expenses related to “general and administration”, largely due to the closing of offices around the world, following the trend of teleworking. Facebook has even announced that it does not want employees to physically return to work until July 2021.

The number of active users, daily (1.820 million) and monthly (2.740 million), also increased, registering an additional 12% compared to the same period last year.

Still, Facebook's positive results were not enough to enliven Wall Street. The company's shares fell 0,26% to $ 280,55 (240 euros) per share after the New York stock market closed.

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