During the Q2 2020 earnings report, the micro-blogging site stated that they saw a 15 per cent decline year-over-year in the last three weeks of June, and reported that things slowly picked up after the Black Lives Matter protests.
They stated that: "Demand gradually improved once brands returned after the protests subsided."
Brands have been blocking ads which include phrases such as "Black Lives Matter," "George Floyd," and "protest."
Big brands such as Starbucks, Unilever, and Coca-Cola have paused advertising for 30 days as part of the Stop Hate For Profit campaign.
This started on Facebook at first, but soon applied to most social media channels.
The protest aims to get the social networking site to change the way it handles hateful content.
The boycott was kickstarted when Facebook's CEO Mark Zuckerberg sparked controversy last month, after he refused to take down a post by US President Donald Trump.
Amid the Black Lives Matter protests following the death of unarmed African American George Floyd, Trump had written: "When the looting starts, the shooting starts."
However, Facebook CEO Mark Zuckerberg allegedly isn't worried about brands pulling advertising from the platform.
In a recent staff meeting, Zuckerberg is alleged to have said: "My guess is that all these advertisers will be back on the platform soon enough. We're not going to change our policies or approach on anything because of a threat to a small percent of our revenue."