Despite constant criticism of the social network for spreading false information, the company's revenue in the second quarter grew by 56% reaching $29 billion.
Facebook has reported its financial results for the second quarter of 2021 and the social network has something to please investors. Despite constant criticism and litigation regarding the dissemination of false information, the company is doing very well and showing growth rates that exceed all forecasts.
According to financial statements, the company's second-quarter revenue grew 56% to an impressive $29 billion. This growth was fueled by higher ad revenues, but non-ad revenues also rose by 36%. At the same time, the company's profit increased by 101%, which is an almost unprecedented achievement for a technology giant of this scale. Facebook's advertising profit for the second quarter was $10,4 billion. The number of daily users together of Facebook, Instagram and WhatsApp increased by 12% compared to the second quarter of 2020 to reach 2,76 billion.
However, despite such strong growth rates, the company expects a significant slowdown in the second half of the year, mainly due to the fact that users around the world, leaving quarantine, will use less social media.