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Facebook says ad business weakening as traffic spikes amid COVID-19 pandemic – MarketWatch

Facebook Inc.

said late Tuesday that its business was being “adversely affected” by the COVID-19 pandemic as traffic has spiked and ad revenue has “weakened.” Facebook stock fell roughly 1% in the extended session. The company said in a blog post that while on the one hand its messaging products and other services are seeing increased traffic, the company does not generate revenue from “many of the services” that are seeing more use. Facebook also said ad revenue is weakening in countries taking aggressive actions to reduce the virus’ spread. The company said that some of the countries hardest hit by the virus are seeing messaging increase by more than 50%, and a doubling in voice and video calling on its various messaging apps.

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