Facebook says coronavirus hits advertising sales

Facebook Inc said on Tuesday its business was being hit by the coronavirus outbreak, with weaker sales of advertising that make up nearly all the social network's revenue even as more users spend time on its apps during lockdowns.

"We don't monetize many of the services where we're seeing increased engagement, and we've seen a weakening in our ads business in countries taking aggressive actions to reduce the spread of COVID-19," the company said in a statement. It declined to specify in which countries it was experiencing the adverse impact or the magnitude of that impact.