Meta Platforms, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total revenue was $17.7 billion, up 18% year-over-year and 19% on a constant currency basis. This compares to stronger pre-pandemic trends earlier in the quarter before a significant advertising slowdown began in early March.
  • Ad revenue was $17.4 billion, up 17% year-over-year. Growth decelerated sharply as COVID-related shelter‑in‑place measures began.
  • Daily active users grew 11% year-over-year to 1.73 billion. Monthly active users reached 2.6 billion, up 10% year-over-year. Engagement surged significantly due to global lockdowns.
  • Across Facebook’s family apps, 3 billion monthly actives and 2.3 billion daily actives were reached for the first time, driven by surges in messaging, calling, and live video.

COVID-19 Impact

  • Engagement rose sharply across regions most affected by the virus, including jumps in messaging by over 50% and voice/video calling more than doubling.
  • Advertising trends were highly uneven:
    • Weakest verticals: Travel and auto, down sharply in late March.
    • More resilient verticals: Gaming (strongest), technology, and e-commerce.
  • April (first three weeks) ad revenue was flat year-over-year versus +17% in Q1, showing stabilization but at materially lower growth.

Strategic Priorities and Product Updates

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Operator: Good afternoon, my name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook First Quarter 2020 Earnings Conference Call. [Operator Instructions] Ms. Deborah Crawford, Facebook's Vice President of Investor Relations, you may begin. Deborah Crawford: Thank you. Good afternoon and welcome to Facebook's first quarter 2020 earnings conference call. Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our annual report on Form 10-K filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events. During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com. Finally, we hope that everyone listening today is staying safe. The vast majority of us at Faceb

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