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Facebook Delays Q2 Results Release

By Eric Volkman – Jul 27, 2020 at 5:42PM

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The company's CEO has a date with Congress on the originally scheduled release day.

Itchy Facebook (META 1.21%) investors will have to wait slightly longer than previously anticipated to find out how their company did last quarter. The social media giant said Monday that the second quarter of fiscal 2020 earnings release will be published this Thursday, July 30, one day later than originally planned. A conference call will take place the same day to discuss the results.

Facebook pointed out that CEO Mark Zuckerberg is slated to testify before the House Judiciary Committee on Wednesday, presumably the key reason for the postponement. That hearing itself was shifted after originally being scheduled for Monday, July 27.

Facebook CEO Mark Zuckerberg delivering a presentation.

Image source: Facebook.

The hearing, conducted by the antitrust subcomittee, will see Zuckerberg and other Big Tech CEOs field questions from lawmakers regarding market dominance and alleged anti-competitive behavior. This is part of an investigation into these issues the subcommittee launched back in June 2019.

In announcing its investigation, the subcommittee wrote that "[a] small number of dominant, unregulated platforms have extraordinary power over commerce, communication, and information online." Outside of Facebook, those platforms include, Apple, and Alphabet. Like Zuckerberg, the three CEOs of those companies are also expected to testify.

As for the Q2 earnings, on average the analysts tracking the stock are anticipating revenue of roughly $17.40 billion and a per-share net profit of $1.39, according to data compiled by Yahoo! Finance. The year-ago figures for those two line items were $16.89 billion and $0.91.

Investors don't seem to mind that they'll have to wait slightly longer to see Facebook's latest quarterlies. The company's stock rose by 1.2% on the day, easily beating the gains of the wider equity market.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Eric Volkman owns shares of Facebook. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Facebook and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. The Motley Fool has a disclosure policy.

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