Facebook, Inc. (FB) CEO Mark Zuckerberg on Q2 2020 Results – Earnings Call Transcript

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Facebook, Inc. (FB) CEO Mark Zuckerberg on Q2 2020 Results – Earnings Call Transcript

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(Seeking Alpha) Facebook, Inc. (NASDAQ:FB) Q2 2020 Results Conference Call July 30, 2020 6:00 PM ET

Company Participants

Deborah Crawford - VP, IR

Mark Zuckerberg - CEO

Sheryl Sandberg - COO

Dave Wehner - CFO

Conference Call Participants

Eric Sheridan - UBS

Brian Nowak - Morgan Stanley

Justin Post - Bank of America

Ross Sandler - Barclays

Doug Anmuth - JP Morgan

Youssef Squali - SunTrust

Heather Bellini - Goldman Sachs

Mark Mahaney - RBC

Mark Shmulik - Bernstein

Operator

Good afternoon. My name is Mike and I will be your conference operator today. At this time, I would like to welcome everyone to the Facebook Second Quarter 2020 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] This call will be recorded. Thanks very much.

Ms. Deborah Crawford, Facebook’s Vice President of Investor Relations, you may begin.

Deborah Crawford

Thank you. Good afternoon and welcome to Facebook’s second quarter 2020 earnings conference call.

Joining me today to discuss our results are Mark Zuckerberg, CEO; Sheryl Sandberg, COO; and Dave Wehner, CFO.

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward‐looking statements. Actual results may differ materially from those contemplated by these forward‐looking statements. Factors that could cause these results to differ materially are set forth in today’s press release, and in our quarterly report on Form 10‐Quarter filed with the SEC. Any forward‐looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update these statements as a result of new information or future events.

During this call we may present both GAAP and non‐GAAP financial measures. A reconciliation of GAAP to non‐GAAP measures is included in today’s earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

And now, I’d like to turn the call over to Mark.

Mark Zuckerberg

Thanks. And thanks everyone for joining us today. I hope you’re all doing okay and staying healthy.

This was a strong quarter for us, especially compared to what we expected at the start. There are now more than 3.1 billion people using our services every month to stay connected, and more than 180 million businesses who use our tools to connect with customers. We also had more than 9 million active advertisers across our services as many shifted their business online.

As I said yesterday, the tech industry is an American success story. Products we build have changed the world for the better and improved people’s lives. Our industry is one of the ways that America shares its values with the world, and one of our greatest economic and cultural exports of our country. Facebook is part of this story. We started with an idea to give people the power to share and connect, and we’ve built services that billions of people find useful. I’m proud that we’ve given a platform for people to make their voices heard, and given small businesses access to tools that only the largest players used to have.

Since COVID emerged, people have used our services to stay in touch with friends and family who they can’t be with in person, and to keep their businesses running online even when physical stores are closed. In many ways, amidst this very difficult period for people around the world, our services are more important now than ever before.

It’s worth reflecting on this for a moment, because there’s such a fundamental difference between how the vast majority of people actually experience our services, and the impression you’d get if you just read much of the commentary about Facebook.

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