Facebook said in a statement that the coronavirus outbreak increased messaging across its platforms by more than 50% and that users spend 70% more time on its apps over the past month in many of the most affected countries, specifically in Italy.
Yet, the outbreak undermined advertising sales that account for nearly all of its revenue, even as more users spend more time on the social network during virus-related lock downs.
The US tech-giant added: "We are not investing a lot of services as we are witnessing an increase in interaction, and we have seen weak advertising in countries that take strict measures to reduce the spread of COVID-19."
Meantime, Facebook shares increase by 8.70% to $160.98 per share following the Federal Reserve's easing measures and fiscal stimulus.
The company said messages across its platforms had increased by more than 50% over the past month in many of the most affected countries. In Italy specifically, users spend 70% more time on its apps.
Also, Group calls with three or more participants increased by more than 1,000% in Italy last month.
The Facebook's statement reiterates similar industry activity from Twitter, which reported an increase in the number of active users, yet, it withdrew first-quarter earnings forecasts, expecting an operating loss due to the outbreak of the deadly virus.
The US company said that some advertisers withdrew their marketing budgets to cut costs due to the market's uncertainty.
"Some also seem reluctant to advertise along with coronavirus discussions for fear of linking their brands with the delicate theme," the company concluded.
It is noteworthy that Facebook acquired Instagram, WhatsApp, Oculus, and independently developed Facebook Messenger, watch and portal.
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