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Facebook flags progress on ‘metaverse’ as sales slowdown eyed in second half

Facebook flags progress on 'metaverse' as sales slowdown eyed in second half

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Facebook Inc warned that a significant slowdown in sales is likely in the second half of the year as it does not see the same pandemic trends continuing to help its business. The social media behemoth reported US$29.1bn of revenue for the second quarter of 2021, up 56% on the same period a year ago thanks to higher advertising revenues as daily active users rose 7% to 1.9bn.

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