The big picture: Whether or not Facebook will be able to keep the momentum going remains to be seen. The company said that DAUs and MAUs in the quarter reflected increased engagement around the world as people sheltered in place due to Covid-19. What happens as it relates to the pandemic in the coming months will have a major impact on Facebook's performance in the third quarter and beyond.

Facebook for the quarter ending June 30, 2020, reported revenue of $18.69 billion, an increase of 11 percent compared to the $16.89 billion generated during the same period a year earlier. Net income climbed to $5.18 billion, a healthy 98 percent increase over the $2.62 billion haul in the year-ago quarter.

Diluted earnings per share checked in at $1.80, up 98 percent year-over-year.

Facebook continues to grow its user base at a steady clip. The social network said its monthly active user count reached 2.70 billion as of June 30, an increase of 12 percent year-over-year. Similarly, daily active users increased 12 percent compared to the same period a year earlier, up to 1.79 billion.

Investors are responding favorably to the news as share value in the social network is up 7.6 percent on the day.

Looking ahead to the third quarter, Facebook expects these metrics to be flat or slightly down as shelter-in-place restrictions seemingly continue to ease. Of course, that could all change should we experience a second wave of widespread shutdowns although at this current moment, the trend seems to be moving towards reopening.

Masthead credit: TY Lim