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Facebook Reports Second Quarter 2020 Results



facebook 2nd quarter 2020 result

Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended June 30, 2020.

“We’re glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times,” said Mark Zuckerberg, Facebook founder and CEO. “And we’re proud that people can rely on our services to stay connected when they can’t always be together in person.”

Second Quarter 2020 Financial Highlights

Three Months Ended June 30,

Year-over-Year %

In millions, except percentages and per share amounts


2019 (1)













Total revenue




Total costs and expenses




Income from operations






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Effective tax rate



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(1) Includes an additional $2.0 billion legal expense related to our settlement with the U.S. Federal Trade Commission (FTC) and a $1.1 billion income tax expense due to the Altera Ninth Circuit Opinion, both accrued in the second quarter of 2019.

Second Quarter 2020 Operational and Other Financial Highlights

  • Facebook daily active users (DAUs) – DAUs were 1.79 billion on average for June 2020, an increase of 12% year-over-year.
  • Facebook monthly active users (MAUs) – MAUs were 2.70 billion as of June 30, 2020, an increase of 12% year-over-year.
  • Family daily active people (DAP) – DAP was 2.47 billion on average for June 2020, an increase of 15% year-over-year.
  • Family monthly active people (MAP) – MAP was 3.14 billion as of June 30, 2020, an increase of 14% year-over-year.
  • Capital expenditures – Capital expenditures, including principal payments on finance leases, were $3.36 billion for the second quarter of 2020.
  • Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $58.24 billion as of June 30, 2020. On July 7, 2020, we paid approximately $5.8 billion at the then–current exchange rate for our investment in Jio Platforms Limited.
  • Headcount – Headcount was 52,534 as of June 30, 2020, an increase of 32% year-over-year.

Impact of COVID-19 on Outlook

Our business has been impacted by the COVID-19 pandemic and, like all companies, we are facing a period of unprecedented uncertainty in our business outlook. We expect our business performance will be impacted by issues beyond our control, including the duration and efficacy of shelter-in-place orders, the effectiveness of economic stimuli around the world, and the fluctuations of currencies relative to the U.S. dollar.

  • Engagement – Facebook DAUs and MAUs in the second quarter of 2020 reflect increased engagement as people around the world sheltered in place and used our products to connect with the people and organizations they care about. More recently, we are seeing signs of normalization in user growth and engagement as shelter-in-place measures have eased around the world, particularly in developed markets where Facebook’s penetration is higher. Looking forward, as shelter-in-place restrictions continue to ease, we expect the number of Facebook DAUs and MAUs to be flat or slightly down in most regions in the third quarter of 2020 compared to the second quarter of 2020.
  • Revenue – In the first three weeks of July, our year-over-year ad revenue growth rate was approximately in-line with our second quarter 2020 year-over-year ad revenue growth rate of 10%. We expect our full quarter year-over-year ad revenue growth rate for the third quarter of 2020 will be roughly similar to this July performance. There are several factors contributing to this outlook, including:
    • First, continued macroeconomic uncertainty, including the pace of recovery and the prospects for additional economic stimulus;
    • Second, our expectation that some of the recent surge in community engagement will normalize as regions reopen;
    • Third, the impact from certain advertisers pausing spend on our platforms related to the current boycott, which is reflected in our July trends; and
    • Lastly, headwinds related to ad targeting and measurement, including the impact of regulation, such as the California Consumer Privacy Act, as well as headwinds from expected changes to mobile operating platforms, which we anticipate will be increasingly significant as the year progresses.
  • Total expenses – We expect total expenses in 2020 to be in the range of $52-55 billion, narrowed slightly from the prior range of $52-56 billion.
  • Capital expenditures – We expect full-year 2020 capital expenditures to be approximately $16 billion, at the high end of our prior $14-16 billion range, as we have resumed data center construction efforts earlier than expected. However, a great deal of uncertainty remains in our outlook, and our full year capital expenditures will depend on how the pandemic impacts our ability to construct data centers and refresh equipment.
  • Tax rates – We expect our full-year 2020 tax rate to be in the mid-teens, although we may see fluctuations in our quarterly rate depending on our financial results.

This News has been Published in Partnership with PR Newswire


Wesley Family donates $10 million to University Hospitals Seidman Cancer Center



Wesley Family donates  million to University Hospitals Seidman Cancer Center

In honor of a transformational $10 million gift from Kimberly and Joseph Wesley, University Hospitals is establishing the Wesley Center for Immunotherapy at UH Seidman Cancer Center. This generous gift will further enable physician-scientists to engage in groundbreaking research and bring new, life-extending immunotherapy treatments to patients. One such patient is Joseph Wesley himself, who has been a patient at Seidman Cancer Center for many years.

“When a cancerous growth larger than a half dollar appeared on my cheek, I immediately went to Dr. Teknos. Surgery and other traditional treatments weren’t options for me, so we turned to immunotherapy,” shared Joe Wesley. “Today, the growth is smaller than a dime and I will continue until I’m cancer-free. My team of doctors and nurses at UH have been tremendously helpful through the entire process. Kim and I chose to make this gift because we’re firm believers in the power of immunotherapy and want others to benefit from this leading edge innovation.”

Immunotherapy is the process of empowering a patient’s own immune system to identify and attack cancer cells. Clinical trials have shown increased rates of remission and survival as well as decreased side effects compared to conventional chemotherapy.

“Immunotherapy is an increasingly frequent component of cancer care and UH is uniquely positioned to offer it,” said Thomas F. Zenty III, UH Chief Executive Officer. “This extraordinary gift from the Wesleys will help ensure UH is able to increase our capacity to treat patients with new therapies.”

UH currently has 61 immunotherapy trials open, including 17 immunotherapy-centered clinical trials originating from the UH cell therapy facility which generates CAR-T, NK cell and other cell based therapies. In addition, UH experts are creating cells for treatment in just eight days, down from an average of 12-30 days in commercially available CAR T trials.  This innovation allows UH Seidman Cancer Center physicians to deliver therapy in a timely manner and to more patients than would otherwise be possible.

“Of the 22 patients who have completed immunotherapy trials by receiving UH generated CAR-T cells, there’s been an overall response rate of 85 percent and a 70 percent rate of complete remission,” said Ted Teknos, MD, President and Chief Scientific Officer of UH Seidman Cancer Center. “UH is one of less than a dozen academic medical centers to have successfully manufactured CAR-T cells for human use, and is the cornerstone of the nation’s only National Center for Regenerative Medicine.”

Cancer will replace heart disease as the leading cause of death in the United States in 2020 according to the Centers for Disease Control and Prevention, and the total number of cancer cases will nearly double by 2040. UH is poised, through its leading laboratory capabilities, strong clinical trial portfolio and track record of success, to lead the way in addressing these challenges.

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Wedbush Securities Expands East Coast Presence into the Philadelphia Market with Acquisition of Bailey & Quinn Financial Consulting Group



Wedbush Securities Expands East Coast Presence into the Philadelphia Market with Acquisition of Bailey & Quinn Financial Consulting Group

Wedbush Securities, one of the nation’s leading independent financial services providers, expands its presence in the Northeast with the acquisition of Bailey & Quinn Financial Consulting Group – a wealth management team in the Philadelphia, Pennsylvania suburb of Radnor. James Bailey and Kevin Quinn sign on as Managing Directors of Investments, and joining them as Branch Administrator, Jet Kurtz. The veteran wealth management team represents Wedbush’s commitment to expansion on the east coast and will report to Northeast Regional Executive, Frank Story.

James and Kevin formed their partnership when they met while at Prudential Securities in the late 1990’s and Jet joined the team in her operational role in 2007. Collectively, the team has more than 65 years of financial services experience and approximately $200 million in assets under management.

“We were attracted by Wedbush’s independence and its advisor-friendly approach to business,” stated James Bailey and Kevin Quinn. “We are not beholden to any specific products, so we run our books of business with our client-first philosophy, and we are thrilled to be opening up a Wedbush office and a presence in Radnor.”

Frank Story adds, “Expanding into the Philadelphia market will allow us to not only serve a new geographic area, but also extends the Wedbush Securities footprint along the east coast, and nationwide. Their expertise and entrepreneurial spirit are the perfect fit for our firm, and we are pleased James, Kevin and Jet chose Wedbush to continue their careers.”

James received a Bachelor’s degree in Business Administration and a second Bachelor’s degree in Economics from East Stroudsburg University of Pennsylvania, in East Stroudsburg, Pennsylvania; Kevin received his Bachelor’s degree in Business Management from Washington College in Chestertown, Maryland; and Jet received her Bachelor’s degree in Psychology from Temple University.

About Wedbush Securities

Since our founding in 1955, Wedbush has been a leader in the financial services industry, providing our clients, both private and institutional, with a wide range of securities brokerage, wealth management, and investment banking services. Headquartered in Los Angeles, California with 100 registered offices and nearly 900 colleagues, the firm focuses on client service and financial safety, innovation, and the utilization of advanced technology.

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TierPoint Announces Cloud to Cloud Recovery Powered by Dell EMC RecoverPoint



TierPoint Announces Cloud to Cloud Recovery Powered by Dell EMC RecoverPoint

TierPoint, a leading provider of secure, connected data center and cloud solutions at the edge of the internet, today announced its newest service: Cloud to Cloud Recovery powered by Dell EMC RecoverPoint.

Replicating to a TierPoint-managed Hosted Private Cloud built on the Dell VxRail platform, the new recovery service is available in all TierPoint data centers. It offers a cost-effective way to leverage Dell EMC RecoverPoint, achieving real-time protection per VMware virtual machine and recovery time objectives (RTOs) as low as 15 minutes. 

“Augmenting our broad product portfolio and extending our strong partnership with Dell Technologies, this new service is well-suited to organizations that want to know where their recovery site is located and that seek an expert provider to manage the recovery environment and disaster recovery orchestration for them,” said Greg Ahlheim, TierPoint Vice President of Managed Services and Implementation. “We know of no other service provider managing Dell DR technologies in this manner.”

Dell EMC RecoverPoint for Virtual Machines is a technology focused on continuous data protection for VMware workloads.

“Dell Technologies is excited to have TierPoint, a valued Platinum Cloud Service Provider partner, include this solution in the TierPoint Hosted Private Cloud offering,” said Doug Burke, Senior Director, North America Alliances for Data Protection Sales, Dell Technologies.  “This solution complements TierPoint’s go-to-market with Dell EMC VxRail hyperconverged infrastructure, providing a simplified offering for its business partners.”

About TierPoint 

Meeting clients where they are on their journey to IT transformation, TierPoint ( is a leading provider of secure, connected data center and cloud solutions at the edge of the internet. The company has one of the largest customer bases in the industry, with thousands of clients ranging from the public to private sectors, from small businesses to Fortune 500 enterprises.

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