However, the outlook for the rest of 2021 is not so sunny, CFO David Wehner said in a statement with the earnings report.
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.
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.
But Zuckerberg suggested that it will be some time before Facebook is turning a profit because of the metaverse.