The social-media behemoth revealed huge profits and stressed <a href="https://www.economist.com/business/2021/07/27/facebook-eyes-a-future-beyond-social-media?utm_campaign=the-intelligence&amp;utm_medium=podcast&amp;utm_source=third-party-host&amp;utm_content=show-notes" rel="noopener noreferrer" target="_blank">even bigger plans</a>: to become an e-commerce giant and a hub for digital creators, and to pioneer something called the “metaverse”. After a <a href="https://www.economist.com/the-americas/2021/07/08/the-clash-in-peru-over-the-election-result-continues?utm_campaign=the-intelligence&amp;utm_medium=podcast&amp;utm_source=third-party-host&amp;utm_content=show-notes" rel="noopener noreferrer" target="_blank">bruising election</a>, Peru has an inexperienced new president; matching policy to his hard-left platform will be a dangerous game. And the publisher trying to bring <a href="https://www.economist.com/britain/2021/07/08/mills-and-boon-wants-to-diversify-its-hero-base?utm_campaign=the-intelligence&amp;utm_medium=podcast&amp;utm_source=third-party-host&amp;utm_content=show-notes" rel="noopener noreferrer" target="_blank">ethnic diversity</a> to romance novels.For full access to print, digital and audio editions of The Economist, subscribe here <a href="http://www.economist.com/intelligenceoffer" rel="noopener noreferrer" target="_blank">www.economist.com/intelligenceoffer</a> &#10;&nbsp; <hr>See <a style='color: grey; ' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for privacy and opt-out information.

Good news, ad news: Facebook’s big bucks and bets

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