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(Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

Facebook reported its best quarter two revenue growth rate in over five years on Wednesday.

Yes, but: It's stock plummeted in after-hours trading on weak guidance for the remainder of the year.

  • "In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth," the company said in a statement.
  • The tech giant also said that the impact on its business from changes to Apple's privacy policies will likely become more material in the back half of the year.

Details: In addition to beating Wall Street expectations on revenue, Facebook also reported strong earnings and user growth in line with investor expectations.

  • The company reported profits of over $10 billion, doubling its profit margin from the same quarter last year and crushing analyst expectations.
  • Facebook says it now has 1.91 billion daily active users and 2.9 billion monthly active users for its main Facebook app. It says it has 3.51 billion monthly active users across all of its apps.

The big picture: Despite record regulatory scrutiny, Big Tech firms like Facebook and its rivals Google and Amazon continue to grow, thanks to their incredible dominance in digital advertising.

By the numbers, per Facebook:

  • "Facebook daily active users (DAUs) – DAUs were 1.91 billion on average for June 2021, an increase of 7% year-over-year."
  • "Facebook monthly active users (MAUs) – MAUs were 2.90 billion as of June 30, 2021, an increase of 7% year-over-year."
  • "Family daily active people (DAP) – DAP was 2.76 billion on average for June 2021, an increase of 12% year-over-year."
  • "Family monthly active people (MAP) – MAP was 3.51 billion as of June 30, 2021, an increase of 12% year-over-year."
  • "Capital expenditures – Capital expenditures, including principal payments on finance leases, were $4.74 billion for the second quarter of 2021."
  • "Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $64.08 billion as of June 30, 2021."
  • "Headcount – Headcount was 63,404 as of June 30, 2021, an increase of 21% year-over-year."

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

Go deeper

Nov 3, 2021 - Technology

Apple defends App Store's walled garden

Illustration: Aïda Amer/Axios

A top Apple executive sounded off Wednesday against a proposed European law that would force the company to let iPhone users download software outside of the App Store, also known as "sideloading."

Driving the news: Apple software senior vice president Craig Federighi told an audience at Web Summit in Lisbon, Portugal, that the EU bill, the Digital Markets Act (DMA), would be dangerous for iPhone users and limit consumer choice.

Kate Marino, author of Markets
43 mins ago - Economy & Business

Omicron outbreaks were bad for business in January

Data: New York Federal Reserve Bank; Chart: Axios Visuals

Emerging anecdotal evidence shows just how hard the recent rise in COVID-19 cases hit businesses in early January — but that hasn't hurt some business leaders’ longer-term views on their companies' prospects.

Why it matters: Increasingly, the economic recovery has come in fits and starts that move in tandem with new peaks in cases. Look no further than the thousands of cancelled flights and shuttered Broadway theaters in the wake of the Omicron variant's spread over the last few months.

Tina Reed, author of Vitals
1 hour ago - Health

The shifting definition of fully vaccinated

Illustration: Sarah Grillo/Axios

The definition of what it means to be "fully vaccinated" is evolving even as the CDC has remained careful not to officially change it.

Why it matters: CDC officials have been balancing the job of convincing Americans who've already gotten two doses of the importance of boosters with getting many Americans who still need their first doses to get their shots at all.