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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

Estimate: Revenues would drop before increasing under Dems' tax plan

Democratic Rep. Richard Neal, chair of the House Ways and Means Committee, which has submitted a draft proposal on raising taxes. Photo: Tom Williams/CQ-Roll Call via Getty Images

Democrats plan to raise $1 trillion over 10 years by making the federal income tax code more progressive. But they won't get the money quickly — their plan actually decreases total income tax revenues in 2023. And when the money does come, it will come from the very rich.

Why it matters: Estimates released by the bipartisan Joint Committee on Taxation on Tuesday show the House Democrats' plan raising $12 billion less than the current tax regime in 2023. But it will raise $133 billion more in 2029.

The Exvangelicals

Illustration: Aïda Amer/Axios

Even as evangelicals maintain their position as the most popular religion in the U.S., a movement of self-described "exvangelicals" is breaking away, using social media to engage tens of thousands of former faithful.

The big picture: Donald Trump's presidency, as well as movements around LGBTQ rights, #MeToo and Black Lives Matter, drew more Americans into evangelical churches while also pushing some existing members away.

Updated 4 hours ago - Science

Huge wildfire reaches edge of Sequoia National Park

A plume of smoke and flames rise into the air as the fire burns towards Moro Rock during the KNP Complex fire in the Sequoia National Park near Three Rivers, California, on Saturday. Photo: Patrick T. Fallon/AFP via Getty Images

Firefighters in Sequoia National Park were working into the night after two wildfires merged to reach the Giant Forest Saturday.

Why it matters: This forest contains over 2,000 giant sequoias, including the General Sherman Tree — the world's largest tree by volume. Park officials wrapped the redwoods in foil last week as the Paradise and Colony Fires, now known as the KNP Complex Fire, neared. Protection efforts appeared to be working overnight.