Facebook reports strong Q3 revenue growth but warns of headwinds

Facebook Inc., the world's largest social media company, reported strong third-quarter revenue growth but gave a tepid forecast for sales in the current period, citing persistent headwinds from Apple Inc.'s restrictions on consumer data collection and uncertainty related to the post-pandemic economic recovery. Revenue for the recent period climbed 35 per cent to US$29 billion. That compared with the US$29.5 billion average analysts' estimate, according to data compiled by Bloomberg. Monthly active users for the flagship Facebook app rose to 2.91 billion, Facebook said Monday in a statement, while analysts had predicted 2.92 billion. Fourth-quarter sales will be US$31.5 billion to US$34 billion, less than the average estimate for US$34.8 billion. Read More