As per reports, Facebook revealed its Q2 2021 earnings report depicting strong growth in revenue, profits, and active userbase across its platforms. The results are unexpected after considering the hit Facebook took with Apple’s App Tracking Transparency.
Facebook Exceeding Expectations
Apple has introduced a new solution called App Tracking Transparency in iOS 14 earlier this year to protect the users’ privacy on iPhones. As per it, all third-party apps should ask users their explicit permissions to access their data. This could be location, microphone, camera, contacts, etc., as per their functionality. Anything that seemed unnecessary shouldn’t be accessed and blocked. This hit advertisers like Facebook hard, as they depend on tracking users’ online preferences, and use them, they display targeted ads for them. As this is the major source of Facebook, the company has long advocated against this policy and failed to overturn it at last. As the new privacy policy rolled out for every iOS user, many have opted out of being tracked by apps, as seen in several surveys (1,2) While everyone thought this could impact Facebook’s revenue significantly, the company shocked everyone with staggering profits in its Q2 2021 earnings call. As per the report, Facebook drew 29 billion in revenue in Q2 2021, a 56% year-on-year growth! However, what’s more, interesting is the profit figure – standing at 101% growth to $10.4 billion. Further, the company reported an increase in Facebook, Instagram, and WhatsApp by 12% compared to last year. That’s over 2.76 billion using the apps every day. Talking on this report, Facebook’s CEO Mark Zuckerberg said,
