Facebook (FB  ) reported second-quarter results above analysts' expectations. There was no effect from the public pressure campaign that resulted in many companies choosing to not advertise on the platform. After hours, its stock is 6% higher and looks to set open at new, all-time highs on Friday.

Inside the Numbers

Facebook reported $1.80 in earnings per share for net income of $5.2 billion which was above the consensus forecast of $1.39. Q2 earnings were 98% higher than 2019's Q2 when it came in at $2.6 billion. Revenue also beat consensus at $18.7 billion vs $17.4 billion and was 11% higher than last year's $16.9 billion.

Another important metric for Facebook is its daily and monthly active users and average revenue per user. All figures beat expectations and showed decent year over year growth. In the second quarter, Facebook had 1.79 billion daily active users vs 1.7 billion consensus. Monthly active users came in at 2.7 billion vs 2.6 billion forecast. Across all its apps, Facebook has 3.14 billion monthly users. The average revenue per user was $7.05 vs the $6.76 forecast. Revenue per user was flat, while daily and monthly users grew by 12%.

The company attributed some of this growth to the coronavirus which has led to people spending more time online. It also said that conditions have returned to normal in some parts and normalizing in other parts that user growth has slowed as has time spent on the platform. Despite expecting this catalyst to recede, Q3 forecast for revenue growth came in at 10% which was better than the consensus of 7.9%.

Stock Price Impact

Going into its earnings report, Facebook's stock had been trading sideways for two months, as it underperformed the Nasdaq (QQQ  ) and many tech stocks. Interestingly, tech stocks with businesses as their customers climbed higher over that period, while consumer-oriented tech stocks like Facebook were trending sideways. There were concerns that overall economic weakness would affect marketing budgets and pressure Facebook's revenues. Its Q2 earnings also came in below expectations which resulted in the stock dropping 7%.

However, it seems that Facebook's weaknesses were more than offset by its strengths. Its dominant platform and massive user base make it one of the best places for businesses to reach customers. Additionally, the coronavirus gave the company more opportunity to deliver ads, since there was more use of the platform. Additionally, the company is just starting to figure out how to monetize WhatsApp which is estimated to have 1.6 billion users.

For bears, there was little in the earnings report to grab onto. Any hopes that overall economic weakness would affect the company were extinguished. Typically, ad spending is cyclical, but Facebook's secular growth overwhelmed any cyclical weakness. Revenue growth at 11% is the lowest since its IPO, but some of this is simply due to the company's larger size, and average revenue per user has become the more important metric.