The social media giant clocked higher revenues again but warned that regulatory scrutiny and a shaky ad market are a cause for concern. Facebook earnings rose again in 2020 but the company has warned that 2021 will be a challenging year with regulators turning up the heat and an unsteady advertising market. Its revenues for the year were $85.9bn, up 22pc from 2019, with profits rising to $29.1bn. Despite the spike in revenues, the company's stock was down after the results were announced. While Facebook said its advertising business benefited during the pandemic from increasing demand for e-commerce and digital services, it warned that this may soon wane. "We continue to face significant uncertainty as we manage through a number of cross currents in 2021," the company stated in its latest quarterly earnings report. "[We] expect year-over-year growth rates in total revenue to remain stable or modestly accelerate sequentially in the first and second quarters of 2021," it said.