Facebook’s earnings doubles, but the company is bracing for a hit from Apple’s privacy reforms

Facebook’s earnings doubles, but the company is bracing for a hit from Apple’s privacy reforms

Facebook (FB) 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 took a hit as businesses grappled with Covid-19. The company also more than doubled its quarterly profit to almost $10.4 billion, well above the $8.7 billion analysts projected.
However, the outlook for the rest of 2021 is not so sunny, CFO David Wehner said in a statement with the earnings report.

New York (CNN Business)Facebook’s business is soaring, but the boom times may not last.

Sales growth could slow thanks to “regulatory and platform changes,” Wehner said, specifically pointing to Apple’s recent iOS app tracking rules. These changes, which went into effect in April, are likely to have a greater impact on Facebook’s business in the third quarter than they did in the second, he said.
Facebook’s stock fell nearly 4% in after-hours trading following the earnings report.
House antitrust bills could change the internet as we know it. Here’s how
House antitrust bills could change the internet as we know it. Here’s how
Apple’s (AAPL) iOS 14.5 software update requires that users give explicit permission for apps to track their behavior and sell their personal data, such as age, location, spending habits and health information, to advertisers. Facebook, which makes nearly all of its money from advertising, has aggressively pushed back against the changes and warned investors last year that the update could hurt its business if many users opt out of tracking.
Facebook is also facing growing regulatory scrutiny. The company and fellow tech giants are the targets of a slate of new antitrust bills proposed by House lawmakers last month. And the company recently had a testy back-and-forth with the White House after President Joe Biden claimed that health misinformation on social media platforms is “killing people,” although he later backtracked slightly.
A small group of protestors on Wednesday lined the street in front of Facebook’s Washington D.C. office with body bags labeled with tags saying “disinformation kills.” On Tuesday, Facebook announced a partnership with the Digital Health Lab at Meedan, a global technology nonprofit, to help train fact checkers in spotting health misinformation.
Despite the scrutiny, Facebook’s reach and ambitions only continue to grow. Facebook had 2.9 billion monthly active users during the quarter, an increase of 7% from the year-ago quarter.
On a conference call with analysts on Wednesday, CEO Mark Zuckerberg highlighted the company’s successes in key areas such as creators and e-commerce — and teased a new area of focus that he hopes will redefine Facebook.
“In the coming years, I expect people will transition from seeing us primarily as a social media company to seeing us as a metaverse company,” Zuckerberg said on the call.

The News Highlights

  • Facebook’s earnings doubles, but the company is bracing for a hit from Apple’s privacy reforms
  • Check the latest update on Security news
  • .

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Parents Praise Chinese Rules Targets at Kids’ ‘Unhealthy’ Gaming
Parents Praise Chinese Rules Targets at Kids’ ‘Unhealthy’ Gaming
“If my children get their hands on our mobile phones or an iPad, and if we don”t closely monitor their screen time, they can play online games for as long as ...
‘Castlevania Advance Collection’ is a collection of castles from around the world. PC, PS4, Xbox One, and Nintendo Switch are among the platforms listed in Korea’s rating
‘Castlevania Advance Collection’ is a collection of castles from around the world. PC, PS4, Xbox One, and Nintendo Switch are among the platforms listed in Korea’s rating
Gematsu reports the Taiwan Digital Game Rating Committee rated Castlevania Advance Collection for PlayStation 4, Xbox One, Switch and PC. The listing has ...
Asian stocks tight for Fed tapering news
Asian stocks tight for Fed tapering news
Holidays in Japan, China and South Korea are off to a slim start, and politics adds additional uncertainty with elections in Canada and Germany booking the ...
Apple Rumors: The iPhone 13 Speculation That Has GSAT Stock Soaring Today
Apple Rumors: The iPhone 13 Speculation That Has GSAT Stock Soaring Today
Visualization of the communication network around Earth representing Globalstar Apple Rumors. Source: NicoElNino / Shutterstock.com According to these Apple ...
End of extra unemployment benefit and hiring companies |  The business
“Woofstock” helps raise money for a no-kill shelter in the city of Hanna
She said the event usually raises between 15 to 20,000 dollars for the shelter. “Our shelter prides ourselves on doing stuff beyond the basics so we have a ...
Krispy Kreme shares slip on opening trade, reverse higher
COVID-19 blockages in Asia deepen commodity supply chain pain
BIDEN’S SILENT SHUTDOWN: BUSINESSES SHUTTER AMID VACCINE MANDATES, EXTENDED COVID RELIEF Businesses including Unilever PLC, the consumer-goods company, ...
7th Annual Mental Health Exhibit to Feature Suicide Survivor Kevin Hines |  News
7th Annual Mental Health Exhibit to Feature Suicide Survivor Kevin Hines | News
“Two years after he was diagnosed with bipolar disorder (19 years of age), he attempted to take his life by jumping from the Golden Gate Bridge,” the site ...
Comcast Offers $10,000 Grants to Tacoma BIPOC Companies
Comcast Offers $10,000 Grants to Tacoma BIPOC Companies
  “Independent small businesses are the backbone of our communities and today, more than ever, small businesses owned by people of color are hurting,” said ...
5 super-popular headphones on Amazon that cost $25 or less
5 super-popular headphones on Amazon that cost $25 or less
Are you in search of new premium Bluetooth headphones on Amazon? If you’re willing to cough up some cash, there are some seriously impressive deals available ...
Biden is attempting to calm the waters by calling French President Emmanuel Macron
Biden is attempting to calm the waters by calling French President Emmanuel Macron
U.S. officials acknowledged Sunday that they have been surprised by the strength of France’s reaction, which included abruptly recalling its ambassador from ...
Show next
Compsmag - Latest News from tech, business and health
Logo