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Photo: Thomas Trutschel/Photothek via Getty Images

Facebook stock was down more than 6% in after-hours trading on Wednesday after the tech giant reported that it beat Wall Street's earnings expectations on revenue, but only marginally beat them on earnings per share.

Why it matters: Despite increased scrutiny around issues like privacy and election security, regulatory setbacks and heightened competition from new apps like TikTok, Facebook has continued to grow its audience and revenue.

By the numbers via CNBC:

  • Earnings (EPS): $2.56 vs. $2.53 per share forecast by Refinitiv.
  • Revenue: $21.08 billion vs. $20.89 billion forecast by Refinitiv.
  • Daily active users (DAUs): 1.66 billion vs. 1.65 billion forecast by FactSet.
  • Monthly active users (DAUs): 2.5 billion vs. 2.5 billion forecast by FactSet.
  • Estimated average revenue per user (ARPU): $8.38, per FactSet

Be smart: Facebook doesn't break out usage for its individual apps other than Facebook, but it does provide a "family of apps" user metric, which represents daily and monthly usage of Instagram, Whatsapp, Facebook and Facebook Messenger. Facebook says both metrics increased roughly 10% year over year.

  • Family daily active people (DAP): 2.26 billion, 1% year-over-year.
  • Family monthly active people (MAP): 2.89 billion, up 9% year-over-year.

The big picture: Facebook encountered several high-profile setbacks over the past quarter, which has resulted in record scrutiny from regulators in the U.S. and abroad. Most notably, policymakers pushed back on its plan to launch its own cryptocurrency, and many industry leaders and politicians slammed the company's decision not to fact-check political ads.

Go deeper: Facebook won't stop letting politicians lie in ads

Go deeper

Updated 1 hour ago - Politics & Policy

National Guard chief: Pentagon's "unusual" Jan. 6 restrictions led to 3-hour delay

William Walker, commanding general of the D.C. National Guard, testified Wednesday that a three-hour delay in approval for National Guard assistance during the Jan. 6 Capitol attack was exacerbated by "unusual" restrictions on his authorities by Pentagon leadership.

Why it matters: Walker testified that if Army Secretary Ryan McCarthy had not prohibited him in a Jan. 5 memo from using the National Guard's "Quick Reaction Force" without authorization, he would have "immediately" sent troops to the Capitol after receiving a "frantic call" from then-Capitol Police Chief Steven Sund.

2 hours ago - World

U.S.-Iran nuclear diplomacy is going nowhere fast

Illustration: Annelise Capossela/Axios

Iran's cool response to the Biden administration's push for diplomatic engagement, along with rising tensions in the region, makes clear that salvaging the 2015 nuclear deal may be far more difficult than many had anticipated.

The state of play: Both the U.S. and Iran have entered the diplomatic dance, but it seems to be moving in circles.

Venture capital platform Indie.vc is shutting down

Illustration: Sarah Grillo/Axios

Indie.vc, an effort launched six years ago to invest small amounts in bootstrapped businesses, announced on Tuesday that it’s winding down.

Why it matters: Venture capital, despite being the money of innovation, is rarely innovative itself. Indie.vc was an effort to break out of the tedium, so its failure is de facto disappointing.