Facebook posts $9.2B quarterly profit, continues to warn of iOS privacy headwinds

Facebook on Monday reported hefty third quarter profits despite dire warnings that the bottom of its advertising business would fall out due to newly implemented iOS privacy features.

Arriving amid a tumult of bad news, Facebook's earnings report showed the company raked in $29 billion in revenue during the third quarter of 2021, up 33% on a year-over-year basis. Profits were up 17% to $9.2 billion, roughly in line with Wall Street estimates.The social network has been warning investors about fallout from Apple's App Tracking Transparency for well over a year, but the company has yet to see a precipitous decline in advertising revenue. Apple launched the privacy feature, which allows users to easily opt out of ad tracking, with iOS 14.5 earlier in 2021.

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