Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo illustration by Chesnot/Getty Images

Facebook's stock jumped marginally in after-hours trading Monday after the company beat Wall Street expectations on earnings per share but missed estimates on revenue.

Between the lines: Facebook warned investors last month that changes to Apple’s privacy rules would weigh on its business, and that warning helped the company dodge a big stock slide today.

  • Snapchat's stock fell roughly 25% last week after it conceded that Apple’s changes were impacting its business.

Details: Facebook also announced new efforts to invest in areas outside of its core advertising business, including augmented and virtual reality.

  • Starting next quarter, Facebook says it will begin breaking out its VR/AR unit called Facebook Reality Labs (FRL) separately.
  • The company said that investments in Facebook Reality Labs will reduce its overall operating profit by roughly $10 billion in 2021.
  • Revenue and operating profit for the company's family of apps, including Facebook, Instagram, Messenger, WhatsApp and other services, will be reported separately from FRL, which includes AR and VR-reality related hardware, software and content.
  • Investments outside of advertising are proving critical to Facebook's long-term growth. Reports out Monday suggested that the tech giant is grappling with ways to retain younger users, which are a critical advertising demographic.

Yes, but: Facebook reported that for the first time in a year, the company actually added users in North America, which surely added to investor optimism.

By the numbers, per CNBC:

  • Earnings: $3.22 vs .$3.19 per share expected by analysts, according to estimates from Refinitiv
  • Revenue: $29.01 billion vs. $29.57 billion expected by analysts, according to estimates from Refinitiv
  • Daily active users (DAUs): 1.93 billion expected by analysts, according to estimates from StreetAccount
  • Monthly active users (MAUs): 2.93 billion expected by analysts, according to estimates from StreetAccount
  • Average revenue per user (ARPU): $10.15 expected by analysts, according to estimates from StreetAccount

The big picture: Facebook's stock bump suggests that investors aren't rattled by Facebook's current public relations crisis.

  • On Monday, dozens of news outlets released reports about the tech giant based on leaked whistleblower documents.
  • The stories suggested that Facebook has known about harms caused by its policies and products, but opted not to address them at the expense of the company's bottom line — an allegation the company vehemently denies.
  • Reports last week suggested that the company was considering a rebrand, but no such change was announced on Monday.

What's next: The company gave weaker-than-expected revenue guidance for the fourth quarter because of the Apple privacy changes.

  • "Our outlook reflects the significant uncertainty we face in the fourth quarter in light of continued headwinds from Apple's iOS 14 changes, and macroeconomic and COVID-related factors," the company said.
  • The company also said that it expects revenues from non-ad products — like hardware — to be down year-over-year, due to high comparisons to last year's heavy Oculus Quest 2 sales.

Go deeper ... Facebook's earnings over the past year:

Go deeper

Dec 1, 2021 - Technology

Lawmakers bring back Facebook whistleblower for encore

Facebook whistleblower Frances Haugen speaks in front of the Internal Market and Consumer Protection Committee at the European Parliament on November 8, 2021 in Brussels, Belgium. Photo: Thierry Monasse/Getty Images

Facebook whistleblower Frances Haugen returns to Capitol Hill Wednesday to testify before the House Energy and Commerce Committee on proposals to revamp online platforms' liability immunity.

Why it matters: Haugen, a former Facebook engineer, has shared troves of internal research documents that lawmakers believe could open a path for legislation overhauling Section 230 of the Communications Decency Act, tech's liability shield.

Nov 30, 2021 - Economy & Business

Media startups anxiously await BuzzFeed’s stock market debut

Illustration: Sarah Grillo/Axios

Digital media companies considering going public are watching BuzzFeed's expected stock market debut next week to see how investors will respond.

Why it matters: A slowdown in SPACs (special purpose acquisition companies) earlier this year pushed some digital media companies that were considering going public via SPAC IPOs away from the idea, such as Vice.

41 mins ago - Health

Prior coronavirus infections may not protect well against Omicron

Illustration: Aïda Amer/Axios

New data from South Africa suggests the Omicron variant spreads more than twice as quickly as the Delta variant, and that immunity from prior infection doesn't appear to protect a person very well against Omicron variant.

Why it matters: The findings are extremely preliminary, and there are still many open questions about how well vaccines work against the variant. But these initial breadcrumbs of data are helping the world begin to understand what it's up against.