[Source: BBC]

Facebook has warned that it expects revenue growth to slow down “significantly” in the second half of 2021.

The tech giant saw revenue rise to $29bn (£21bn) in the three months to 30 June, up from $18.69bn last year.

But it said that sales would slow “as we lap periods of increasingly strong growth”.

It had benefitted from firms targeting consumers with online ads during lockdown.

Its shares fell as much as 5% in after-hours trading.

Its founder and chief executive Mark Zuckerberg said: “We had a strong quarter as we continue to help businesses grow and people stay connected.”

The number of people using the social network monthly rose to 2.9 billion.

And although its profits doubled to $10.4bn in the second quarter, the company cautioned that it expects “year-over-year total revenue growth rates to decelerate significantly on a sequential basis.”