Facebook recorded nearly 50 per cent rise in revenue year-on-year in Q1 due to increased advertising gains, but warned the rise will probably be short-lived as a recent rollout of iOS privacy changes is expected to cloud its target ads.
Revenue of $26.2 billion was up 48 per cent, with adverts accounting for $25.4 billion. Facebook cited a 30 per cent rise in average ad prices and a 12 per cent rise in the number delivered as the main drivers of the growth.
But the company warned its current quarter would be negatively impacted by the iOS 14.5 update, which allows users to opt out of ad targeting.
CEO Mark Zuckerberg said Facebook will invest in “new and meaningful experiences” in AR, VR, commerce and content creation.
During Q1, average daily active users rose 8 per cent to 1.88 billion, with the monthly figure up 10 per cent to 2.85 billion.
Net income of $9.5 billion was up 94 per cent.Subscribe to our daily newsletter Back