Facebook doubles profit but braces for hit from Apple privacy changes

Facebook's business is soaring, but the boom times may not last.

Facebook (FB) on Wednesday reported revenue of nearly $29.1 billion for the three months ended June 30, a 56% jump from the same period last year when online advertising took a hit as businesses grappled with Covid-19. The company also more than doubled its quarterly profit to almost $10.4 billion, well above the $8.7 billion analysts projected. However, the outlook for the rest of 2021 is not so sunny, CFO David Wehner said in a statement with the earnings report.