Yusuf Balogun is a 400level law student and Campus Journalist from Usmanu Danfodiyo University Sokoto. He is a guest writer for Qwenu online media platforms and current Principal Editor Gamji pressboard.
Apple launched a new privacy-related feature for iOS in April, allowing users to opt-out of app tracking if they so desire. Facebook was one of the most vocal opponents of the new function, claiming that it will harm the company and businesses that rely on Facebook for advertising.
According to 9to5Mac, Facebook’s fiscal 2021 second-quarter figures have been disclosed, and the company has grown significantly since last year.
Facebook appears to be unaffected by the new iOS privacy rules, at least for the time being. For the second quarter of 2021, the tech behemoth brought nearly $29 billion in sales. Even more astonishing is the company’s profit, which increased by 101 percent to $10.4 billion.
In addition, the number of active users on Facebook, WhatsApp, and Instagram has climbed by 12% year over year. Today, 2.76 billion individuals use these three apps on a daily basis.
“We had a strong quarter as we continue to help businesses grow and people stay connected,” said CEO Mark Zuckerberg. “I’m excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life.”
Facebook’s major source of revenue is advertising, which has grown by 47 percent year over year. Despite the iOS privacy improvements, which now require app tracking openness from developers, this trend appears to be continuing. Users can also choose whether or not they wish to be tracked for advertising purposes by third-party apps.
All of this does not, however, imply that Facebook will be unaffected by the new privacy regulations. Due to recent iOS changes, Facebook CFO David Wehner expects a higher revenue effect in the third quarter.
According to a recent study, almost 25% of iOS users have deactivated third-party app monitoring, and this number is anticipated to become even higher by the end of 2021.