Facebook reports Q2 results with doubled net income

Facebook reports Q2 results with doubled net income

U.S. social media giant Facebook's second-quarter earnings saw net income double from a year earlier to 10.39 billion U.S. dollars, Trend reports citing Xinhua.

The company's net income for the quarter ending on June 30 grew 101 percent compared with 5.18 billion dollars in the corresponding period last year.

Revenue for the quarter hit 29.08 billion dollars, up 56 percent year over year from 18.69 billion dollars, with advertising revenue rising to 28.58 billion dollars compared with 18.32 billion dollars in the same period last year.

The company's daily active users were 1.91 billion on average for June 2021, an increase of 7 percent from a year ago, while its monthly active users were 2.90 billion, up 7-percent year on year, according to the financial report.

Facebook is also the owner of the two popular social media apps WhatsApp and Instagram. The company's headcount was 63,404 by the end of June 2021, an increase of 21 percent year-over-year.

Its cash and cash equivalents, as well as marketable securities were 64.08 billion dollars as of June 30, 2021.

Advertising revenue growth in the second quarter of 2021 was driven by a 47-percent increase in the average price per ad and a 6-percent increase in the number of ads delivered, according to David Wehner, chief financial officer of Facebook.

In the third and fourth quarters of 2021, Wehner expects revenue growth to decelerate significantly from the corresponding quarters last year.

"We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a greater impact in the third quarter compared to the second quarter," Wehner noted.

Facebook's stock plummeted 3.45 percent in after hours trading in New York.

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