What Happened

The veteran technology company recently further paused all advertisements on Facebook and Instagram across the globe, according to Axios.

In an internal statement accessed by Axios, Microsoft objected to its ads appearing next to content it deems inappropriate, including "hate speech, pornography, terrorist content, etc."

The Redmond, Washington-based company stated that it has been in communication with the top leadership at Facebook about what it will take for it to resume advertising on the latter's social media platforms.

"The timeline on resuming our media spending is dependent on the positive actions they take, but I expect our pause will continue through August," Microsoft Chief Marketing Officer Chris Capossela said, as reported by Axios.

Why It Matters

Facebook has lost about $60 billion in the last two trading sessions, as the company faces a string of boycotts over its stance on harmful content on its platform.

Price Action

Facebook shares closed 2.1% higher at $220.64 on Monday and traded slightly higher in the after-hours session.

Microsoft stock closed nearly 1.1% higher at $198.44 per share and added another 0.3% in after-hours at $199.