Facebook revenue misses estimates as Apple's privacy rules bite
Facebook Inc on Monday missed Wall Street estimates for quarterly revenue, as the social media giant faced the brunt of Apple Inc's new privacy rules that kept digital advertisers from using its ad services.
The company's total revenue, which primarily consists of ad sales, rose to $29.01 billion in the third quarter from $21.47 billion a year earlier, missing analysts' estimates of $29.57 billion, according to IBES data from Refinitiv.
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