platforms

Facebook: Q2 earnings, changes for the 18-and-under-crowd, and the “metaverse”

The future is meta.
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No, this newsletter isn’t coming to you from the “metaverse,” but maybe it will once we figure out what that means in the first place. Of course, we’re talking about the universe Facebook CEO Mark Zuckerberg hopes to develop, aka his vision for the future of the company.

Speaking to investors during Facebook’s Q2 earnings call on Wednesday, Zuckerberg detailed his definition of the metaverse, describing it as “a virtual environment” and “embodied internet that you're inside of rather than just looking at.” It’s “one of the most exciting” projects “in our lifetime,” he said.

More from its earnings:

  • Facebook said it made $29.1 billion in revenue this quarter, making it the latest tech company to benefit from rises in digital ad spend.
  • But hold on: CFO Dave Wehner said the company expects to see “increasing ad targeting headwinds in 2021 from regulatory and platform changes,” specifically from Apple and its recent iOS update, which allows iPhone users to stop apps from tracking them for advertising purposes.

+1: Earnings aside, Facebook also made news this week by announcing it would block advertisers from targeting users under 18 “based on their interests or on their activities on other websites and apps.” But advertisers will still be able to reach them based on their age, gender, and location. The change applies to Facebook, Instagram, and Messenger.—RB

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