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

Facebook's stock was up more than 6% in after-hours trading Wednesday, after it reported strong Q1 revenue results, which it attributed to growth in its advertising business. It also exceeded Wall Street expectations on earnings per share.

Yes, but: The tech giant missed Wall Street expectations slightly on user growth, suggesting its consistent user growth throughout the pandemic has begun to slow slightly.

Details: Facebook said it saw a 30% year-over-year increase in the average price per ad last quarter, as well as a 12% increase in the number of ads delivered.

By the numbers, per CNBC:

  • Earnings: $3.30 per share vs. $2.37 per share forecast
  • Revenue: $26.17 billion vs. $23.67 billion expected
  • Daily active users (DAUs): 1.88 billion vs. 1.89 billion forecast by FactSet
  • Monthly active users (MAUs): 2.85 billion vs. 2.86 billion forecast by FactSet

What's next: In a letter to shareholders, the company said it expects increased ad targeting headwinds in 2021 from the recently-launched iOS 14.5 update, which Facebook expects to start impacting its business in the second quarter.

  • It also said it expects year-over-year total revenue growth rates to "significantly decelerate sequentially" as the company lap periods of increasingly strong growth during the end of last year.

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

Go deeper

Uber beats Q2 expectations and turns a rare profit

Illustration: Lazaro Gamio/Axios

Uber posted an unexpected profit for the second quarter, and beat analyst expectations with revenue of $3.9 billion and earnings per share of $0.58.

Why it matters: Uber benefited from unrealized gains of $1.4 billion and $471 million from its stakes in Didi and Aurora, respectively—just two of the ride-hailing company's portfolio of such investments.

Instacart hires former Facebook ads exec Carolyn Everson as president

Instacart

Carolyn Everson, Facebook's former head of global ad sales, has joined Instacart as president, the company tells Axios.

Why it matters: She joins a growing list of former Facebook employees joining Instacart. Everson will report to the company's new CEO Fidji Simo, who was previously head of the Facebook app.

Ben Geman, author of Generate
Aug 4, 2021 - Energy & Environment

Big Oil has big problems despite rising profits

The just-concluded Big Oil earnings season highlighted two things at once: The sector's on far more solid footing than last year, but still faces big headwinds.

Driving the news: BP's stock rose 7% Tuesday after it reported a $2.8 billion Q2 profit after losing $6.7 billion that period last year, and announced higher dividends and new share buybacks.