Despite concerns and regulatory criticism surrounding misinformation on Facebook, it is still showing the fastest growth since 2016. However, the company warns of a possible slowdown in the second half of the year.
In the prior quarter, Facebook’s revenue grew by 48%. In the second quarter, it is shown increase 56% in revenue. The company indicated that the average ad price increased by 47%, along with an increase in the number of ads it displayed by 6%.
Important Statistics:
Revenue from Facebook’s Other segment, including consumer hardware such as Oculus virtual reality headsets, mounted up to $497 million, which means an increase to 36% and less than the StreetAccount consensus estimate of $685.5 million.
Facebook stated that in the second quarter, its monthly users have increased to 3.51 billion across its apps, up from 3.45 billion in the first quarter. This metric was extracted from the total user base of Facebook across its main app, Instagram, Messenger, and WhatsApp. extracted
Read: People Spent On Apps In Q1 2021 More Than Ever
Facebook’s Big Announcement
CEO Mark Zuckerberg talked about the company’s goal to help develop the metaverse, which he described as “a virtual environment where you can be present with people in digital spaces.”
And that was two days after the company announced the formation of a special team to work on the metaverse.
Zuckerberg also said that in the coming years, he expected people to change their vision of the company as a social media company to seeing them as a metaverse company.
Advertising will probably be a meaningful part of the metaverse, and Facebook’s goal won’t be to sell devices at a high premium, he said.
Read: Facebook Launches Live-Stream Shopping Events
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