Facebook continues to attract users even as lawmakers and regulators raise pressure on the world’s largest social network to crack down on , but it warned that it expects revenue growth to slow down in the third and fourth quarters.
The social network said Wednesday that 2.9 billion people visit Facebook every month, a rise of 7% from the second quarter last year. The steady stream of users pushed the company’s revenue and earnings for the April-June quarter above Wall Street’s expectations.
Facebook raked in $29.07 billion in revenue, a 56% rise from the same quarter a year earlier. The company chalked up $3.61 in earnings per share, beating the $3.03 forecast by analysts surveyed by Thomson Reuters.
The strong results come as Facebook continues to face criticism it isn’t doing enough to fight false claims aboutvaccines. has urged platforms like Facebook to tackle the problem.
The social network says it directs people to authoritative sources of information, labels posts and works with fact-checkers. The spread of misinformation has been an ongoing problem for the social network, including during the US presidential election. On Wednesday a group ofplaced body bags in front of the social network’s offices in DC as part of a protest against disinformation.
Despite the company beating Wall Street’s expectations, Facebook stock was down more than 4% in after-hours trading, to $356.46 per share. Though the company grew its monthly active users globally, Facebook’s European users dropped by 2 million, to 420 million monthly active users, from the first to second quarter. The number of US Facebook users remained flat at 259 million.
A new Apple feature that restricts Facebook’s ability to gather data from its users has prompted questions about how successfully it’ll be able to target ads.
“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. This is factored into our outlook,” Facebook said in a statement.
Investing in creators, new features
Facebook, like its rivals Twitter and TikTok, has been ramping up efforts to attract more creators to the social network. The company said it plans to invest more than $1 billion in creators who create content for Facebook and its photo and video app Instagram.
The company also rolled out a, a website to create and share , and other tools to help creators earn more money. Increasing the quality of content on the social network could help Facebook entice users to spend more time on the site and compete against video apps such as TikTok.
Facebook has also been testing out different types of ads, including in.