Facebook warns of slowdown in sales growth

Facebook beat Wall Street’s quarterly sales and profit estimates Wednesday.

The social media giant was bolstered by increased advertising spending as businesses build their digital presence to cater to consumers spending more time and money online.

Total revenue - primarily consisting of ad sales - rose to $29.08 billion in the second quarter from $18.69 billion a year earlier.

Monthly active users came in at 2.9 billion, though that was up 7% from the same period last year, it missed analyst expectations.

Of further concern, the company said on Wednesday it expects revenue growth in the third and fourth quarters to "decelerate significantly."

And it also continues to face pressure from global lawmakers and regulators in antitrust complaints.

Facebook, which hit a $1 trillion market cap for the first time last month, saw its shares fall about 5% in extended trading.