That's a 4.9 percent increase year-over-year since Facebook made more than $31.4 billion in net ad revenue in 2019, eMarketer reported.
Facebook is the second-largest digital ad platform in the U.S. after Google and just ahead of Amazon. Its ad revenue will continue to increase through 2020, though eMarketer estimates that the company's growth will be "severely depressed ... compared with earlier expectations."
The website's digital ad market share is also expected to grow from 22.7 percent to 23.4 percent year-over-year, according to eMarketer. Facebook is worth more than $660 billion at $231.83/share as of Wednesday, making it the sixth-largest U.S. company by market capitalization.