Facebook said on Wednesday that revenue rose 56 percent to $29 billion in the three months ending in June compared with the same period last year, while profits rose 101 percent to to $10.4 billion, as the social network continues to benefit from a surge of users spending more time online during the pandemic.
Advertising revenue, which continues to be the bulk of Facebook’s income, rose 56 percent to $28.6 billion, easily surpassing Wall Street expectations. Roughly 3.51 billion people now use one of Facebook’s apps every month, up 12 percent from a year earlier.
The results follow the company’s continued strong performance over the last 18 months as the pandemic pushed people indoors toward their computers and other devices. Facebook recorded highs in users and revenues while continuing to expand its employee base and reinvest in infrastructure like data centers. More than 63,000 people now work for Facebook full-time, up 21 percent from the year earlier.
While Facebook’s core properties, including the main Facebook app and Instagram, continue to see surging ad revenue, Mark Zuckerberg, Facebook’s chief executive, is planning for the company’s future growth, including investing in projects like virtual reality and a next-generation computing platform he calls “the metaverse.”
“We had a strong quarter as we continue to help businesses grow and people stay connected,” Mr. Zuckerberg said. “I’m excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life.”
The company is also going all-in on luring more content creators to Facebook and Instagram, a move to counter the success that platforms like YouTube and TikTok have had with attracting in the so-called creator economy.
Over the past few years, Facebook has watched as influencers flocked to other platforms and built businesses from their followings. Now, Mr. Zuckerberg wants to build a similar model on his own properties, which could eventually lead to new revenue streams for the company.
But executives at Facebook warned that earnings in future quarters may not be as rosy. In a note to investors, Facebook said privacy changes to Apple’s mobile operating system could hurt the social network’s advertising business. The company also noted that its rapid growth may not last, especially as more people are vaccinated and begin to venture out of their homes and away from their computers.
Investors appeared to flinch at Facebook’s guidance; Facebook stock dropped 3.5 percent in after-hours trading.
Facebook also announced on Wednesday that it would require employees who work at any of the company’s United States campuses to be vaccinated, depending on local conditions and regulations. The move follows a similar policy announced earlier by Google and an announcement from Apple that it would delay workers’ return to the company’s offices until later in the year.