Facebook saw its fastest growth this quarter since 2016, the company revealed in its earnings report today, despite regulatory concerns and criticisms surrounding misinformation on the platform.
The social media company’s overall revenue hit $29bn, above forecasts of $27.89bn, and its profits doubled from a year earlier to $10.39bn thanks to a boom in online advertising. However, it warned of a potential slowdown in the second half of the year.
Shares slid back nearly 4% in after-hours trading following warnings from chief financial officer David Wehner that the company expects year-over-year revenue growth to slow “significantly” as an uptick in digital ad sales related to Covid-19 recovery slows back down. He said the company expects growth to slow “modestly” in the second half of the year.
Still, Facebook’s growth in 2021 has remained strong despite potential regulatory headwinds, including aggressive criticism from the Biden administration in recent weeks. Its daily active users in quarter two rose to nearly 2.9bn from 2.7bn users this time last year.