Facebook expects revenue growth rates to slow down significantly in the second half of the year.

But the social media platform said that when viewing growth on a two-year basis, to exclude the impact of Covid-19, it predicts a modest deceleration in revenue across the third and fourth quarter of 2021.

The tech giant saw revenue increase to $29 billion in the three months to 30 June, up from $18.69 billion during the same period last year.

The company attributed the advertising revenue growth in the second quarter of the year to a 47 per cent year-on-year increase in the average price per ad and a 6 per cent increase in the number of ads delivered.

The number of daily active users on Facebook hit 1.91 billion on average for June 2021, an increase of 7 per cent.

"We had a strong quarter as we continue to help businesses grow and people stay connected," said Mark Zuckerberg, Facebook founder and chief executive. "I'm excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life."

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