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Facebook Sales Miss Q3 Forecasts as Growth Slows on iPhone Privacy Change

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variety.com
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Todd Spangler NY Digital EditorFacebook’s torrid revenue growth was tempered by Apple’s new ad-tracking restrictions in iOS 14.5 — but the social giant still raked in a ton of money and posted profits that topped Wall Street expectations.For the third quarter of 2021, Facebook reported $29.01 billion in revenue, up 35% year-over-year, and net profit rose 17%, to $9.2 billion (or $3.22 per diluted share).

On average, Wall Street analysts expected Facebook to post $29.58 billion in revenue and EPS of $3.19.The company’s flagship Facebook service had virtually no user growth during the quarter: Monthly active users worldwide for Facebook hit 2.91 billion, up 7% year over year but flat sequentially.

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