Just off #Facebook Q4 2020 earnings call.

Recap

• R&D spend up 34% y/y (how is this allocated!). Revenue up 22% in 2020.

• Ad revenue up 31% in the US in Q4. Good marker for eCommerce.

• Average revenue per ad up 5%. Ads getting more expensive.

• 30 minutes of Mark Zuckerberg whining about Apple's iOS 14 tracking changes. Which they expect to hit late Q1 2021.

• - Zuckerberg paints a target on Apple's back as their top competitor.

• - Zuckerberg says their super-creepy targeting helps small businesses. Rah rah. No mention that the user should own all this data or alternatives to FB owning it.

• - Not a lot of direct FB commerce updates (marketplace etc).

• - Ad revenue headwinds with iOS14? They expect a user prompt for third-party data opt-out, with increasing impact throughout 2021 as adoption rises. How to mitigate? Not many ways. It affects everyone equally. (that doesn't mitigate it but I get what he means)

• - AR/VR? Working on new hardware like AR glasses.