Facebook expects future growth to ‘decelerate significantly’

The social media giant did, however, beat Wall Street estimates for the second quarter due to increased ad spending.

Facebook Inc said on Wednesday that it expects revenue growth in the third and fourth quarters of 2021 to “decelerate significantly,” sending the social media giant’s shares down about 5 percent in extended trading. The company beat Wall Street estimates for quarterly revenue, bolstered by increased advertising spending as businesses build their digital presence to cater to consumers spending more time and money online. The company’s total revenue, which primarily consists of ad sales, rose to $29.08bn in the second quarter from $18.69bn a year earlier, beating analysts’ estimates of $27.89bn, according to IBES data from Refinitiv.