Facebook on Wednesday reported revenue of nearly $ 29.1 billion for the three months ended June 30, a 56% jump from the same period last year when online advertising has taken a hit as businesses grapple with the Covid-19 pandemic.
The company also more than doubled its quarterly profit, which reached nearly $ 10.4 billion, well above the $ 8.7 billion forecast by analysts.
The Menlo Park firm saw a 47% increase in the average price per ad, as well as a 6% increase in the number of ads served.
Revenue from Facebook’s “Others” segment, including consumer hardware such as Oculus virtual reality headsets, reached $ 497 million, an increase of 36%.
The social network said in the second quarter that it had 3.51 billion monthly users across its family of apps, up from 3.45 billion in the first quarter. This figure is used to measure the total number of Facebook users on its main app, Instagram, Messenger and WhatsApp.
However, the outlook for the remainder of 2021 is not so bright, CFO David Wehner said in a statement.
Sales growth could slow due to “regulatory and platform changes,” Wehner said, pointing to recent rules for tracking Apple’s iOS apps. The changes, which took effect in April, are likely to have a bigger impact on Facebook’s business in the third quarter than in the second, he added.