Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the "metaverse" and as it reported that its main advertising business faces "significant uncertainty."
Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the "metaverse" and as it reported that its main advertising business faces ".
Facebook s sales, users jump as pandemic habits persist
Naomi Nix, Bloomberg News
âFacebook Inc.âs first-quarter sales rose 48 per cent, surging past analystsâ estimates thanks to strong demand from retailers and other advertisers seeking to grab attention from the social networkâs billions of users.
Revenue climbed to US$26.2 billion, the company said Wednesday in a statement. That dwarfed the US$23.7 billion average estimate of analysts, according to data compiled by Bloomberg. Facebook reported 2.85 billion monthly active users, a rise of 10 per cent. Analysts projected 2.83 billion. Shares jumped more than 6 per cent in late trading.
Menlo Park, California-based Facebook, which also owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdown. Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses