OFF TO A STRONG START
Apple and Facebook reported strong starts to 2021 on Wednesday.
Apple revenue was up 54 percent in the first three months of 2021 compared to the same time period last year, according to the earnings report the Silicon Valley giant released Wednesday.
Apple’s $89.8 billion revenue was boosted by the company’s product line-up, as work and school largely remained remote due to the coronavirus pandemic.
Facebook beat Wall Street revenue expectations in the first quarter of the year, when it brought in $26.2 billion amid increased regulatory scrutiny from Washington.
The social media giant on Wednesday reported sales were up 48 percent compared to the same three-month period last year, driven by strong advertising demand. Analysts had expected revenue of $23.7 billion.
Facebook said in its earnings report that it’s preparing for “ad targeting headwinds” as a result of regulatory and platform challenges. The company highlighted as a specific threat recent privacy changes in Apple’s iOS 14 update that could make tracking users more difficult.
Meanwhile, Apple CEO Tim Cook touted the new App Tracking Transparency feature as giving users a choice over how their data is used.