Business

Facebook’s profit surges 101 percent on strong ad sales.

Facebook said on Wednesday that revenue rose 56 percent to $29 billion in the three months ending in June compared with the same period last year, while profits rose 101 percent to $10.4 billion, as the social network continues to benefit from a surge of users spending more time online during the pandemic.

Advertising revenue, which continues to be the bulk of Facebook’s income, rose 56 percent to $28.6 billion, easily surpassing Wall Street expectations. Roughly 3.51 billion people now use one of Facebook’s apps every month, up 12 percent from a year earlier.

The results follow the company’s continued strong performance over the last 18 months as the pandemic pushed people indoors toward their computers and other devices. Facebook recorded highs in users and revenues while continuing to expand its employee base and reinvest in infrastructure like data centers.

While Facebook’s core properties, including the main Facebook app and Instagram, continue to see surging ad revenue, Mark Zuckerberg, Facebook’s chief executive, is planning for the company’s future growth, including investing in projects like virtual reality and a next-generation computing platform he calls “the metaverse.”

“We had a strong quarter as we continue to help businesses grow and people stay connected,” Mr. Zuckerberg said. “I’m excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life.”

Source: Read Full Article