Facebook Revenue Growth Accelerates as Management Predicts a Big Q4
Going into Facebook's (NASDAQ: FB) earnings report on Thursday, investors were looking for an acceleration in ad growth following a slowdown during peak business shutdowns amid the coronavirus pandemic. Business shutdowns and limited operations earlier this year weighed heavily on ad spend, with Facebook's revenue only growing 11% year over year in Q2. This was compared to 18% growth in Q1.
Analysts, on average, expected growth to accelerate to a rate of about 12% in Q3. But the social network crushed estimates, delivering 22% year-over-year revenue growth. Even more impressive, management has optimistic expectations for Q4.
Strong advertising spend is back, to say the least. Here's a closer look at some key takeaways from Facebook's third quarter.
Source Fool.com
