Facebook Inc. beat Wall Street expectations for both quarterly revenue and profit on Wednesday but warned that growth later this year could “significantly” decline as new Apple Inc. privacy policies will make it more difficult to target ads.
A surge in digital ad spending during the pandemic when consumers shopped online, along with higher ad prices, helped Facebook revenue surge 48%. Looking ahead, the world’s largest social network said it will focus on building e-commerce features to expand beyond its ad business.
Shares of Facebook rose 6.5% to $326.00 in extended trading.
“We have a long way to go to build out a full-featured commerce platform . but I am very committed to getting there,” Facebook Chief Executive Mark Zuckerberg told analysts on a conference call to discuss earnings.
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By Sarah E. Needleman Facebook Inc. s booming advertising business drove revenue and profit sharply higher, as the company pledged to navigate Apple Inc. s new ad-targeting rules and accelerate investments in e-commerce, mixed reality and tools to help creators make money from their content. The social-media giant on Wednesday said its first-quarter earnings report reflected the past year s trend of people spending more time and money online and advertisers redirecting their resources to take advantage of that shift. The parent of Facebook, Instagram and WhatsApp said the average price per ad and the number of ads it delivered during the January-through-March period increased.
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