Facebook revenue surpasses analysts’ expectations for the quarter
Facebook (NASDAQ:FB) on Wednesday revealed that it expects its revenue growth to slow “significantly” in H2 of 2021.
During the three months to 30 June the social media company’s revenue rose to $29bn (£21bn). The figure was up from $18.69bn compared to the same period a year before.
Th revenue figure surpassed analysts’ expectations of $27.9bn.
The tech giant reaped the rewards from lockdowns as its ads targeted people who were at home more often than usual.
However, as Facebook “laps” periods which previously saw high levels of growth, it expects to see a slowdown in its sales.
Facebook warned that revenue growth during Q3 and Q4 was likely to “decelerate significantly”. In after-hours trading on Wednesday the Facebook share price fell by 4%.
Year-to-date its share price has added 38.8%.
Facebook’s results come amid a string of strong performances from America’s tech giants, including Alphabet, Apple and Microsoft, over the past quarter.
Facebook now has 2.9bn monthly users and owns WhatsApp and Instagram.
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