Facebook's quarterly profit doubled, after anticipating the results released after Wednesday's shutdown on Wall Street, as it doubled with a significant boost from rising revenue in the digital advertising sector.
According to Arab Net, Facebook announced revenue of about $29.1 billion for the three months ending on June 30, a jump of 56% from the same period last year, when online advertising was hit by the pandemic period. The company also more than doubled its quarterly profit to nearly $10.4 billion, well above analysts' expectations of $8.7 billion.
Earnings per share were recorded at $3 and 61 cents, while analysts' expectations were at $3 and 3 cents.
But the company warned of a decline in profit growth in the second half of the year, which led to a decline in the stock by more than 5% after closing.
