Amid COVID-19 pandemic, the only businesses which didn’t witness a decline are e-platforms which include social media and some other online businesses. We can prove our stance with the recent quarterly survey of Facebook. Lately, the social media giant has reported that its quarterly profit had nearly doubled and the user base grew despite a boycott by advertisers.
Facebook Posts Huge Quarterly Profit Despite a Boycott by Advertisers
Facebook said it gained a profit of nearly $5.2 billion on $18.7 billion in revenue in the recently ended quarter because the user base of social media giant rose to 2.7 billion. “On the occasion, the CEO of Facebook Mark Zuckerburg said, “This was a strong quarter for us, especially compared to what we expected at the start.”
Mark also told that he could not envisage when our employees would return their offices, amid the surge in coronavirus cases. He stated,
“It is incredibly disappointing because it seems like the US could have avoided this current surge in cases if our government had handled this better.” .
The company expected almost 50% of its employees to be working from home on a long-term basis. Zuckerberg also tried to highlight the importance of tech firms during the pandemic, as he recounted his testimony at a Congressional antitrust hearing along with Cheif executives of Apple, Amazon, and Google at a panel investigating market dominance. Mark said, “As I said yesterday the tech industry is an American success story,”