Facebook Says Coronavirus Hits Advertising Sales

Facebook Inc said the coronavirus outbreak was undercutting sales of the advertising that accounts for nearly all of its revenue, even as more users spend time on the social network during virus-related lockdowns.

The company said messaging across its platforms had increased more than 50% over the last month in many of the worst affected countries. In Italy specifically, users have been spending 70% more time in its apps.

Many advertisers have pulled marketing budgets to rein in costs because of virus-related uncertainty. Some are also apparently hesitant to advertise alongside coronavirus discussions for fear of associating their brands with the sensitive topic.