The company's first quarter results and executive assurances stoked optimism amid pandemic's unchartered waters.
What they got, however, were some assurances that the economic effects of the coronavirus pandemic may not be as bad as they feared. That sparked a sharp rise in the stock after hours, rising to a peak of nearly 10%.earnings of $9.87 per share and revenue $41.16 billion on Tuesday -- a miss on earnings and a beat on revenue, based on expectations from analysts summarized by Refinitiv.
While the outlook wasn't all rosy, as executives promised a "difficult" quarter ahead, here's the good news they shared.Porat admitted there was a "abrupt" drop-off in ad revenues in March, but suggested things were not getting worse in April. At another point, she said that "we're seeing some early signs at this point that users are returning to more commercial behavior," even while cautioning "it's not clear how durable or monetizable that will be."YouTube advertising revenues were $4.04 billion, up 33% year on year. Execs said that strong YouTube revenue growth persisted until mid-March, which was when the coronavirus officially became a global pandemic.
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