Facebook’s profits soared in the quarter that recently ended as the leading social network benefited from a recovering online advertising market despite the boycott, the company reported Thursday.
Facebook’s earnings rose 29 percent to $ 7.8 billion in the quarter on revenue that rose to $ 21.2 billion as people continued to depend on the internet and social media to stay connected and safe from the internet. pandemic, the company said.
Organizers of an advertising boycott on Facebook vowed to continue their campaign, saying that top executives at the company did not offer meaningful action to curb hateful content.
Meanwhile, conservatives have accused Facebook and others of political bias as the platforms step up their monitoring of content to crack down on fake or violent material.
US President Donald Trump has threatened new regulatory measures that could affect the platforms’ business models.
Analysts have pointed out, however, that since advertisers rely on the Internet to connect with customers during the pandemic, brands tend to prefer to spend their money on proven platforms like Facebook and Google.
“Facebook recovered very well from both the early pandemic withdrawal of advertisers, when marketers pulled ads across all media to remake messages or conserve funds, and from the July advertising boycott,” said eMarketer analyst Debra Aho Williamson .
“Despite its challenges with electoral turmoil and content moderation, it remains an option for advertisers looking to engage a broad consumer base,” he said.
Facebook CEO Mark Zuckerberg said that individuals and businesses continued to rely on the company’s services to stay connected and do business during tough economic times.
However, user growth in North America could slow as lives return to more normal patterns.
Shares of Facebook were up just under one percent in after-hours trading.