Social media platform, Facebook, has announced the results of the first quarter of 2020 before its worldwide webcast on 30 April.
In the report Facebook has stated it has seen an increase of monthly active users by 10% year-over-year, but has also seen a ‘significant’ reduction in the demand for advertising. On top of this Facebook has also seen a 28% increase in headcount year-over-year.
The social media company saw a reduction in operating expenditure for the first three months of 2020 due to less expenditure on travel, events, and marketing due to the COVID-19 outbreak.
Mark Zuckerberg, Facebook founder and CEO, said: “Our work has always been about helping you stay connected with the people you care about.
“With people relying on our services more than ever, we’re focused on keeping people safe, informed and connected.”
Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET on 30 April.
The live webcast of Facebook’s earnings conference call can be accessed at investor.fb.com, along with the earnings press release, financial tables, and slide presentation.