OPINION: Facebook CFO David Wehner is the Chicken Little of Silicon Valley, writes tpoletti.
For the past five years, Wehner has been saying the sky will fall at Facebook FB, +1.49% in the second half of the year, warning repeatedly of advertising-revenue deceleration, or plateauing and negative impacts from various events. Seriously, just take a look at July 2016, July 2017, July 2018, July 2019 and even July 2020, when Wehner warned that revenue would only grow about 10% in the third quarter .
Wehner also warned about the impact of ongoing antitrust litigation and said Facebook expects to see some impact from the changes Apple Inc. AAPL, -1.22% has made to block out identifiers from iPhone users that would let advertisers send them targeted ads. Wehner warned about the same changes from Apple in July 2020, and Facebook certainly hasn’t had trouble increasing growth since then. Starting with the quarter after Wehner’s last warning, revenue has kept growing at higher rates for four consecutive quarters — more than 21% in the third quarter of 2020, 33% in the fourth quarter, then 47% in the first three months of this year and a whopping 56%, in the quarter reported Wednesday.
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