By Barbara Ortutay, AP Technology Writer
Facebook doubled its profit in the second quarter thanks to a massive increase in advertising revenue, especially the average price of the ads it delivers to its nearly 3 billion users. But the company said it doesn't expect revenue to continue to grow at such a breakneck pace in the second half of the year.
Separately, Facebook said on Wednesday that it will make vaccines mandatory for employees in the U.S. who work in offices. Exceptions will be made for medical and other reasons. Google announced a similar policy earlier in the day.
The Menlo Park, California-based company earned $10.39 billion, or $3.61 per share, in the April-June period. That's up from $5.18 billion, or $1.80 per share, a year earlier.
Revenue jumped 56% to $28.58 billion from $18.32 billion. Analysts, on average, were expecting earnings of $3.04 per share and revenue of $24.85 billion, according to a poll by FactSet.
Advertising revenue growth was driven by a 47% year-over-year increase in the average price per ad and a 6% increase in the number of ads shown to people. Facebook said it expects ad prices, not the amount of ads it delivers, to continue to drive growth.
The company said, as it has before, that it expects challenges in its ability to target ads this year — including regulatory pressure and Apple's privacy changes that make it harder for companies like Facebook to track people who can opt out of that form of surveillance.
Facebook had 2.9 billion monthly users as of June, up 7% from a year earlier.
Shares fell $11.77, or 3.2%, to $373.28 in after-hours trading. Earlier in the day, the stock hit an all-time high of $377. 55 in anticipation of the results, so the decline wasn't unexpected.
Jean Smart, Ariana Grande, Michael Keaton among hosts for “SNL” season 50
Fresh off her Emmys win, Jean Smart will kick off the landmark 50th season of "Saturday Night Live."
NBC on Thursday announced the lineup of hosts for the season, which premieres Sept. 28. Joining Smart on the first show will be Jelly Roll as the musical act. He was also at the Emmys, singing during the ceremony's in memoriam segment.
It will be Smart's first time hosting "SNL."
Comedian Nate Bargatze will host on Oct. 5, with Coldplay as the musical guest.
Ariana Grande will host Oct. 12, with musical guest Stevie Nicks.
"Beetlejuice" star Michael Keaton will host on Oct. 19, the last show before Halloween, and Billie Eilish will be that night's musical guest.
The host on Nov. 2 will be "SNL" alum John Mulaney, with breakout sensation Chappell Roan as the music guest.
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