Good morning, here’s your Wednesday morning briefing. Look out for these three things happening around the world today.

Facebook posts Q1 results

Social media giant Facebook is scheduled to release its earnings for the first quarter of the year after markets close.

Analysts expect Facebook to report earnings per share of $1.75 on revenue of $17.5bn, which would represent revenue growth of 16% year on year. Advertising, which is Facebook’s main revenue source, has been reigned in by firm’s during the coronavirus pandemic and this may see the social network miss its revenue forecast.

In the previous quarter, Facebook reported revenue of $21.08bn, beating the analyst expectation of $20.89bn. A conference call takes place at 5pm ET.

US reveals first pandemic GDP figures

Today the US is due to post its GDP estimate for the first quarter of the year, with economic damage caused by the coronavirus pandemic expected to weigh heavily.

Economists are bracing for the first contraction in GDP in six years when the US Bureau of Economic Analysis posts the preliminary figures at 8:30am ET. According to Bloomberg, the consensus among economists is that economic activity has shrunk by 3.9% for the period ending March.

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By GlobalData

Output has shrunk as businesses have closed during the pandemic, while a record 26 million people have filed for unemployment insurance claims over the past five weeks.

EU transport ministers assess Covid-19 measures

Transport ministers from EU states, as well as EFTA members, will hold an informal videoconference to asses measures taken to “counter the negative effects of the Covid-19 pandemic for the transport sector”.

Participants will also discuss the best way to coordinate relaxing measures in the context of the EU’s exit strategy.

Following the discussion, the EU presidency will provide a summary of the meeting, which takes place at 2:30pm BST.

Tuesday’s Highlights


Keeping Huawei out of core 5G network “feasible and plausible”: Security expert

Coronavirus case studies: How Toast Ale is using its pivot to online to help others

Coronavirus: AI used to identify Covid-19 in lung x-rays