:Facebook Inc said on Wednesday it expects revenue growth in the third and fourth quarters to 'decelerate significantly,' sending the social media ...
: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 5per cent in extended trading.
The company also announced on Wednesday that it would require anyone working at its U.S. offices to be vaccinated against COVID-19. The company's total revenue, which primarily consists of ad sales, rose to US$29.08 billion in the second quarter from US$18.69 billion a year earlier, beating analysts' estimates of US$27.89 billion, according to IBES data from Refinitiv.
The world's largest social network has been ramping up its ecommerce efforts, which are expected to bring additional revenue to the company and make its ad inventory more valuable. The push will be key to how Facebook, which hosts more than 1 million online"Shops" on its main app and Instagram, can grow its ad business amid the impact of Apple's changes.
Jesse Cohen, senior analyst at Investing.com, called it a"blockbuster quarter" for Facebook but warned:"Growing regulatory concerns and mounting antitrust scrutiny will be major headwinds for Facebook in the months ahead as the Biden administration has made it clear it wants to rein in big tech."
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