Facebook to Let Staff Keep Working From Home Through Year-End

Facebook was one of the first companies to ask its employees to work from home in March.
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Facebook  (FB) - Get Report, which in March asked its workers who can work from home to do so, will now allow most of them to keep doing so through year-end.

CEO Mark Zuckerberg will announce that policy Thursday, a company spokeswoman told CNBC. Facebook is still deciding which staffers will be asked to come back to their offices.

The company is scheduled to begin opening most of its offices July 6, according to CNBC.

Zuckerberg said last month that the company has a “responsibility to allow people who don’t have this flexibility to access shared public resources first.” The company provided its employees $1,000 to finance working at home and child-care needs.

Morningstar analyst Ali Mogharabi provided a mixed prognosis for Facebook after its first-quarter earnings report last week.

“Facebook posted first quarter revenue and EBIT ahead of our projections and the FactSet consensus,” he wrote in a commentary.

But, “the firm … expects a decline in margins, as it will continue to invest in new products. We still expect a decline in total revenue for the full year, as the economic downturn will likely continue to reduce overall ad spending, including online.”

And, “unlike Alphabet, Facebook has not diversified its revenue and cannot reduce the impact of Covid-19 on its top line,” Mogharabi said. “However, we were pleased with growth in user count and engagement, which could strengthen the firm’s network effect moat source.”

Facebook shares recently traded at $210.96, up 1.19%. The stock is almost unchanged from three months ago.