Its short video TikTok copycat feature Reels was also the largest contributor to engagement growth on Instagram. The company also cited the rise of video content for its growth this quarter, saying video now accounts for almost half of all time spent on Facebook. “I expect people will transition from seeing us primarily as a social media company to primarily as a metaverse company.” “This is one of the most exciting projects that we are going to get to work on in our lifetimes,” Zuckerberg said. Zuckerberg stressed the potential of the company’s metaverse project in a call with investors, saying it is going to “create a lot of value for many companies” but will require “a very significant investment over many years”. It has also recently announced it will pay $1bn to creators over the next year in an effort to foster more original content on the platform. The report comes after Facebook announced a renewed commitment to a “metaverse” project – which involves using artificial reality and virtual reality to allow users to inhabit digital worlds together. “The impressive report further highlights our view that Facebook continues to lead the industry in all of the categories they compete in and are executing flawlessly on all front,” Cohen said.įacebook’s strong performance follows record-setting financial reports in recent days from Apple, Microsoft, Tesla and Google parent Alphabet. The report released Wednesday indicates “another blockbuster quarter” for the tech giant, said Jesse Cohen, senior analyst at. Its daily active users in quarter two rose to nearly 2.9bn from 2.7bn users this time last year. Still, Facebook’s growth in 2021 has remained strong despite potential regulatory headwinds, including aggressive criticism from the Biden administration in recent weeks. He said the company expects growth to slow “modestly” in the second half of the year. Shares slid back nearly 4% in after-hours trading following warnings from chief financial officer David Wehner that the company expects year-over-year revenue growth to slow “significantly” as an uptick in digital ad sales related to Covid-19 recovery slows back down. However, it warned of a potential slowdown in the second half of the year. The social media company’s overall revenue hit $29bn, above forecasts of $27.89bn, and its profits doubled from a year earlier to $10.39bn thanks to a boom in online advertising.
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