Facebook’s first-quarter advertising revenues reached $26.44 billion, a 46-percent gain year-over-year that drove profits for the period to $9.5 billion or $3.30 a share, almost double that of 2020’s first three months, the company reported.
Both revenue and profit exceeded analysts’ expectations.
People shut in at home during the early months of this year spent even more time on Facebook, clicking more ads, the company said.
As a result, it not only delivered more ads but charged advertisers higher prices for them.
About 2.7 billion people worldwide use Facebook or its subsidiaries Instagram or Whatsapp every day, according to the company.
Facebook is adjusting its platform to accommodate Apple’s new iPhone rules that let the phones’ owners opt out of some third-party data collection.
Facebook has grumbled about Apple’s decision to give customers more power over their data, saying Apple’s move will hurt small businesses.
Facebook’s stock price was up 16 percent this year through 28 April, compared to a 10-percent boost for the S&P 500.
TREND FORECAST: Government regulators around the world have sounded the alarm on the big-tech monopolies that are reaping in big profits.
For example, in the U.S., the Justice Department and several states are filing antitrust suits, alleging that Alphabet favors its products and secretively steers users away from competitors.
Epic Games is suing Alphabet, claiming antitrust actions by its Google Play store, and the British Daily Mail newspaper is taking Alphabet to court over the operation of its advertising auctions.
Breaking up tech giants will be a global trend, however, whatever measures are taken will be minimal considering big tech’s big money reach into the political system where they buy off who they want to get what they want.
