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Facebook boycott for now yielding no results

In recent weeks, Facebook has faced another problem after multiple topless advertisers announced a boycott of the social network. They stopped their ads on the platform as a sign of discontent against the actions of the IT giant towards the spread of racist messages and hate speech, vesti.bg reported.
Although a host of companies, including world names, were involved in the boycott, right from the start, forecasts were that it would not seriously affect Facebook's revenue. On Thursday night, the company announced its financial results for the latest quarter and forecasts turned out to be correct.

Facebook not only does not lose revenue, but even increases them. They are $18.3m from ads alone and for the second quarter of the year alone. That's over 10% more than last year.

Most of the boycott was in July, which falls into the next quarter. However, the company also published figures for the first three weeks of this month and the results are the same - 10 per cent growth from last year. Facebook's predictions are that financial performance will linger within similar limits in the current quarter.

What's happening is no surprise. While Facebook has lost some big names as advertisers (at that only temporarily), the company's platform relies on a huge number of small businesses who cannot afford to give it up so easily. And that's a clear indication of Facebook's influential stance.

Another similar indicator is that the social network continues to increase its users. At that, at a pace that's higher than traditional.

According to Facebook, this is due to restrictive measures to protect against the coronavirus. More people spent more time in their homes, and it pushed them into social hates. As a result, Facebook reported 12 percent growth in active users during the day just for its core platform. The total number of daily active users for all Facebook services is almost 2.5 billion people.

The company notes that it expects growth to slow this quarter after many people resumed their traditional daily lives. However, revenue growth will remain steady.

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