Facebook Q1 revenue growth slows but stronger than expected

 Facebook on Tuesday reported its slowest quarterly growth as a public company, pressured by a global slowdown in the digital advertising market due to the coronavirus pandemic.

The social network, like Google on Monday, said it’s feeling the squeeze from the global pandemic but expects to weather it with modest long-term effects.

Facebook said it earned $4.9 billion, or $1.71 per share, in the January-March quarter. That’s more than double the $2.43, or 85 cents per share, it reported in the same period a year earlier.

Revenue rose 18% to $17.74 billion from $15.08 billion.

Analysts polled by FactSet were expecting earnings of $1.74 per share and revenue of $17.34 billion.

Facebook's stock shot up more than 7 percent in after-hours trading after the results came out.