Its revenue from advertising rose 56 per cent to $28.58 billion in the second quarter ended June 30, Facebook said. The company's total revenue, which primarily consists of ad sales, rose to $29.08 billion in the second quarter from $18.69 billion a year earlier, beating analysts' estimates of $27.89 billion, according to IBES data from Refinitiv.įacebook, like its peers, has seen increased demand for digital ads as the pandemic drove consumers to shop largely online, forcing several businesses to create online stores and markets using social media platforms. "Everyone will be watching any developments to their ad targeting system closely to see how that plays out given its huge role in helping Facebook monetise its apps," said Tom Johnson, WPP Mindshare's chief digital officer. But importantly, Facebook is the most exposed to Apple's privacy changes, and it looks like it is starting to have an impact to the outlook beginning in 3Q," said Ygal Arounian, an analyst at Wedbush Securities. "The user growth slowdown is notable and highlights the engagement challenges as the world opens up. Monthly active users came in at 2.90 billion, up 7 per cent from the same period last year but missing analyst expectations of 2.92 billion and marking the slowest growth rate in at least three years, according to IBES data from Refinitiv. The company also announced on Wednesday that it would require anyone working at its US offices to be vaccinated against Covid-19. The iPhone maker's privacy changes make it harder for apps to track users and restrict advertisers from accessing valuable data for targeting ads.
FACEBOOK WARNS STAFF DECELERATE SIGNIFICANTLY VACCINE UPDATE
The warning overshadowed the company's beat on Wall Street estimates for quarterly revenue, bolstered by increased advertising spending as businesses build their digital presence to cater to consumers spending more time and money online.įacebook said it expects Apple's recent update to its iOS operating system to impact its ability to target ads and therefore ad revenue in the third quarter. SAN FRANCISCO: Facebook Inc said on Wednesday it expects revenue growth in the third and fourth quarters to "decelerate significantly," sending the social media giant's shares down about 5 per cent in extended trading.
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