Facebook CEO Mark Zuckerberg has indicated plans to shift efforts towards boosting content creation and e-commerce features for its platforms to offset expected revenue slowdown.
The company expects its revenue to take a hit from recent iOS privacy changes and from the increased scrutiny from regulators in parts of the world.
Meanwhile, Facebook is under regulatory scrutiny for privacy breaches and exploitation of users in the US and in parts of the world.
On its Q2 investor call, Zuckerberg detailed ambitions to offer engaging content across various forms including text, photos, audio, gaming and video. It is also developing adverts which play in the middle of a video, and a Live Shopping feature allowing users to discover products while watching a live video.
Zuckerberg reaffirmed a plan to boost business messaging options in WhatsApp, with a move to launch AR glasses in partnership with Ray-Ban maker Luxottica also part of his future vision to create a so-called metaverse combining multiple virtual experiences and environments.
Meanwhile, Facebook reported revenue of $29 billion, up 56 per cent year-on-year driven by advertising gains including a 47 per cent rise in the average price per ad and a 6 per cent increase in the number delivered.
Net income climbed 101 per cent to $10 billion.
The company had an average of 1.91 billion daily active users in June, rising 7 per cent year-on-year.