Facebook Says Its Ad Business Is Getting Hit but Won't Say by How Much

Along with other companies across industries providing updates to investors regarding financial impacts of the COVID-19 pandemic, Facebook (NASDAQ: FB) acknowledged this week that its revenue is being hurt. However, the social networking giant stopped short of quantifying the effect or providing detailed guidance. The news is somewhat expected following comments from COO Sheryl Sandberg last month that "the marketing industry is certainly going to see a real impact."

Smaller rival Twitter (NYSE: TWTR) withdrew its guidance earlier this week, saying revenue in the first quarter is now expected to decline after initially guiding its top line to around 9% growth at the midpoint of its forecast. Here's what Facebook said.

Image source: Facebook.

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Source Fool.com