Facebook, Inc. (NASDAQ:FB) has announced a bonus of $1,000 to its 45,000 employees for extending support during the outbreak of coronavirus. The company will pay the bonus to employees who are working remotely and need to spend on childcare and for establishing home offices. However, it is not applicable to contract employees.
Facebook will continue to pay hourly wages
According to a communication released earlier this month, Facebook will continue to pay regular wages to the hourly workers even if they work few hours. The median annual salary paid by Facebook in 2018 is $228,651.
Sheryl Sandberg, Chief Operating Officer of Facebook, the company will pay an additional $100 million to the small businesses, which are affected by the coronavirus, in 30 nations across the world. Businesses can receive that fund from Facebook in the form of ad credits or cash grants.
Big Tech companies implemented remote working orders
Large tech companies such as Twitter have made mandatory work from home for its workforce across the world. Alphabet’s Google allowed its employees in Africa, Europe, North America, and the Middle East to work from home. Amazon and Facebook have not made remote working mandatory. But they are encouraging their employees to work from home.
Facebook reports revenue growth of 27%
Facebook has posted revenues of $69.65 billion in 2019. It is an increase of 27%. The company posted revenues of $21.08 billion in Q4 2019. Dave Wehner, COO of Facebook, said the guidance is not encouraging. He expects some decline in earnings in Q1 2020. The company expects to reinvent itself with the launch of WhatsApp Pay. It also plans to expand Instagram Shopping, Facebook Market Place, and Facebook Pay.
According to an analyst at Deutsche Bank, Facebook expects to earn revenues of $10 billion from Instagram shopping. It also needs to rely on its apps rather than collecting data through various techniques.
Massive bug in the newsfeed spam filter
The social media giant experienced a massive bug in the news feed filter. It has prevented the sharing of URLs to genuine websites that include USA Today, Buzzfeed, and Medium. The bug is blocking the URLs of legitimate websites. Facebook is working right now to fix this bug.