July 15, Kathmandu.
Social media company Facebook has earned about Rs 34.5 trillion in the last three months alone. In the April-June quarter, Facebook earned a total of USD 29.10 billion. This is an increase of 56 percent over the same period last year. The rise in online advertising has boosted Facebook’s revenue, while physical businesses are being devastated by the Covid-19 epidemic.
Similarly, in this quarter, Facebook has managed to double its net profit compared to last year. Facebook has made a profit of USD 10.4 billion during this period. Experts had projected a maximum profit of 8.7 billion US Dollars for Facebook during the period.
Although the earnings and profit figures for the second quarter were excellent, the rest of the year was not very encouraging, said David Wehner, Facebook’s chief financial officer.
He noted that changes in regulators and platforms could slow down Facebook’s business growth, pointing to recent changes to Apple’s iOS app tracking rules.
He said the change in iOS, which took effect in April, would have an impact on Facebook’s business in the third quarter. According to a new change to Apple’s iOS 14.5 software, any app will now be able to track users’ online activity and personal data and use it for advertising purposes only if the user explicitly allows it. Facebook, which spends most of its revenue on advertising, has been sharply critical of the new iOS rules.
The company’s share price fell 4 percent immediately after the financial report, which showed a sharp rise in Facebook’s earnings and profits.
According to the latest report released by Facebook, the number of monthly active users has reached 2.9 billion, which is 7 percent more than in the second quarter of last year.