Facebook Delays Release of Second Quarter Results

0
39


Itchy Facebook (NASDAQ: FB) investors will have to wait a little longer than expected to find out how their business fared last quarter. The social media giant said on Monday that the release of the second quarter of fiscal 2020 results will be released this Thursday, July 30, a day later than originally planned. A conference call will be held the same day to discuss the results.

Facebook pointed out that CEO Mark Zuckerberg is expected to testify before the House Judiciary Committee on Wednesday, possibly the main reason for the delay. This hearing itself has been moved after it was originally scheduled for Monday, July 27.

Image source: Facebook.

The hearing, conducted by the antitrust subcommittee, will see Zuckerberg and other Big Tech CEOs answer questions from lawmakers regarding market dominance and alleged anti-competitive behavior. This is part of an investigation into these issues that the subcommittee launched in June 2019.

In announcing its investigation, the subcommittee wrote that “ [a] a small number of dominant unregulated platforms have extraordinary power over online commerce, communication and information. “Apart from Facebook, these platforms include Amazon.com, Apple, and Alphabet. Like Zuckerberg, the three CEOs of these companies should also testify.

As for second-quarter results, analysts following the stock are forecasting on average revenue of around $ 17.40 billion and net earnings per share of $ 1.39, according to compiled data. by Yahoo! Finance. The figures from a year ago for these two items were $ 16.89 billion and $ 0.91.

Investors don’t seem embarrassed to have to wait a little longer to see Facebook’s final quarters. Shares of the company rose 1.2% on the day, easily beating gains in the broader stock market.



LEAVE A REPLY

Please enter your comment!
Please enter your name here