REUTERS: Facebook Inc on Thursday warned of a tougher 2021 despite beating analysts' estimates for quarterly revenue as businesses adjusting to the global pandemic continued to rely on the company's digital ad tools.
Total revenue, which primarily consists of ad sales, rose to US$21.47 billion from US$17.65 billion in the third quarter ended Sept. 30, beating analysts' estimates of US$19.82 billion, according to IBES data from Refinitiv.Revenue growth at Facebook, the world's second-biggest seller of online ads after Alphabet's Google, had been cooling even prior to the pandemic as its business matured, although it still came in at more than 20per cent throughout 2019.
A July ad boycott over Facebook's handling of hate speech, which saw some of the social media giant's biggest individual spenders press pause, barely made a dent in sales, which mostly come from small businesses.Total expenses increased 28per cent to US$13.43 billion, with costs continuing to grow as Facebook tries to quell criticism that its handling of user privacy and abusive content is lax.
EMarketer principal analyst Debra Aho Williamson said Facebook remains"a go-to for advertisers" seeking to reach a broad set of consumers, despite its challenges with election turmoil and content moderation.
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