Facebook publishes massive $ 26 billion in revenue – but not a Bitcoin in sight
Facebook smashed all expectations with its best first quarter results tonight.
All expectations except one, ie.
The highly anticipated “ big reveal ” of Facebook’s Bitcoin (BTC) holdings simply did not materialize.
Rumors had been circulating for days that CEO Mark Zuckerberg announced that the world’s largest social media company had invested heavily in the world’s largest cryptocurrency.
The news was so strong that Bitcoin threw a wick at $ 56,490 as the ad began before dropping to $ 54,300, as it became painfully obvious that the tantalizing idea of Facebook pumping vast sums of US dollars into crypto was makes it a wet spit.
It was being touted as a potential watershed moment for Bitcoin – the endorsement of the flagship currency by Mark Zuckerberg himself.
Interestingly, however, there was no discussion of Facebook’s endless and clumsy attempts to create its own cryptocurrency.
First mentioned as Libra in 2019 before being abandoned by large partners, it has been downsized and reincarnated as Diem which, if other rumors are to be believed, will be piloted on a small scale. later this year.
Instead, the evening call was all about the jaw-dropping numbers provided by rampant ad revenue.
In the first quarter of 2020, the California-based company posted revenue of $ 17.7 billion – a figure that has been eclipsed by today’s astonishing $ 26.1 billion.
At 48% more year-over-year, it also exceeded most bullish analysts’ expectations by over $ 3 billion.
While monthly active Facebook users soared by 50 million, net income rose to $ 9.5 billion, which is now about $ 3.30 per share, and roughly doubles the income of the 4. , $ 9 billion last April.
While the price of Bitcoin may have briefly fluctuated amid anticipation and then disappointment at not seeing Bitcoin in the numbers, Facebook’s value only had one direction to go.
The 17-year-old Zuckerberg Empire stock futures jumped 7% on the announcement, and stocks closed up 1.2%.
For anyone who expects Facebook to look to Bitcoin in the future, it looks like the road only leads to disenchantment as the CEO has set new horizons for Facebook.
“We had a good quarter helping people stay connected and businesses grow,” he said.
“We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas such as augmented and virtual reality, commerce, and the designer economy.”
His remarks will undoubtedly be a disappointment to Bitcoin enthusiasts – especially since the cryptocurrency has a history and pedigree of overlaps with the “new domains” listed by Zuckerberg.