Later this week, Facebook Inc., the Menlo Park, California-based world’s largest social networking megalith had beaten Wall St. expectations for both quarterly profit and revenues for first fiscal quarter of the year that ended on March 31, however, had also raised an alarming bell over its growth momentum citing that the new policy changes in Apple Inc.
could potentially hinder its ability to target ads. Nevertheless, while a sweeping uptick in ad spending during pandemic-led restrictions earlier this year when consumers were entirely dependent on online shopping, alongside a higher advertisement pricing, had ramped up Facebook Inc.’s quarterly revenue as much as by 48 per cent on a year-on-year basis, the world’s No 1 social networking giant said on its quarterly earnings’ report that it had been on the lookout to build additional e-commerce features in a bid to expand beyond its advertisement business.
Facebook beats Wall St. estimate for quarterly profit and revenues
On top of that, according to Facebook Inc.’s quarterly earnings’ report revealed later this week, the social networking megalith’s total revenue rose to $26.17 billion over fiscal Q1, 2021 that ended on March 31, handily beating an analysts’ estimate of $23.67 billion, IBES data from Refinitiv had unveiled, while Facebook Inc.’s monthly active users surged 10 per cent to 2.85 billion in the latest quarter.
Facebook Inc.’s net income, in tandem, had soared to $9.5 billion or $3.30 per share in the first quarter compared to $4.9 billion or $1.71 per share registered at the same time a year earlier. Nonetheless, with the Californian social networking megalith flagging a sheer concern on ad growth and revenues over second, third and fourth quarter of the year citing an iPhone privacy change that in effect would force iPhone app developers to ask for permissions to gather data for ads, Facebook Chief Zuckerberg was quoted saying in a post-earnings’ conference call with the reporters, “We have a long way to go to build out a full-featured commerce platform ...
but I am very committed to getting there. ” Shares’ prices of Facebook Inc. wrapped up the week 7.16 per cent higher to $325.08 after rocketing as much as 6.25 per cent shortly after releasing its first quarterly earnings’ report.