Originally Posted on Reuters by Noor Hussain
Facebook benefits from pandemic ad spending but Apple could spoil its party
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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