- July 29, 2021
- Posted by: Stratford Team
- Category: Business
Facebook Inc. posted sharp growth in quarterly revenue and profit, fueled by robust digital ad spending, as it continues to face scrutiny over the size and influence of its platforms.
The social-media company’s second-quarter earnings report Wednesday showed that advertisers’ greater focus over the past year on reaching consumers online continues to be a tailwind. Analysts also expected the parent of Facebook, Instagram and WhatsApp to continue benefiting from a rise in consumers making purchases from brands directly through its apps.
Facebook’s profit doubled from a year earlier to $10.39 billion, or $3.61 a share, soundly beating analysts’ expectations. Revenue rose 56% to $29.08 billion.
However shares fell 3% in after-hours trading as the company said it expects revenue growth to slow in the second half of this year.
The results come as Google parent Alphabet Inc. on Tuesday reported its…