SAN FRANCISCO, July 29 ― Facebook yesterday reported its profit doubled in the recently ended quarter as digital advertising surged, but warned of cooler growth in the months ahead in an update which sent its shares sinking.
However, Facebook shares slipped some four percent as the tech giant warned that growth was expected to slow due to regulatory actions and a tweak to the Apple iPhone operating software that could hurt its ad targeting. Opting out of being tracked makes it harder for companies such as Facebook to target the ads on which they depend for revenue.
Google is the top digital ad publisher with nearly 29 per cent of the market, with Facebook having the second largest share just shy of 24 per cent, eMarketer reported.
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