META REVENUE
Threads turns one with 175 million users. What’s driving the growth?
Meta’s Threads, launched July 5, 2023, by Mark Zuckerberg, hits 175 million monthly users, challenging Elon Musk’s X. Despite X's growth, Threads steadily climbs. It tested the ActivityPub protocol, launched an API, started a fact-checking program, posts appear on Mastodon. Instagram promotion boosts users amid political content policy criticism.
EU accuses Meta of breaking digital rules with paid ad-free option
Meta introduced a no-ads subscription service for Facebook and Instagram in Europe last November. The company stated that users who agree to tracking receive a free service supported by advertising revenue, while those who opt out can choose to pay to keep their data private.
Meta says it may block news from Facebook in Australia
Meta is considering blocking news content in Australia over licensing fees. The company awaits government decisions on fee regulations for tech giants, following similar actions in Canada. Agreements with Australian media may not be renewed, potentially impacting job cuts. Concerns arise over fraudulent ads and content moderation challenges within Meta.
Govt, digital news publishers discuss revenue sharing with big tech companies
The DNPA had petitioned the government to evolve a revenue sharing mechanism with big technology companies such as Google and Meta that aggregate and distribute content created by others and monetise the internet traffic generated in the process.
New York lawmakers pass measure to protect youths on social media
New York state lawmakers passed legislation to protect children online by restricting social media platforms from exposing 'addictive' content to users under 18 without parental consent.
Meta's WhatsApp launches new AI tools for businesses
Meta launches first AI-driven ad targeting program on WhatsApp to boost revenue. CEO Mark Zuckerberg unveils tools for businesses at a Brazil conference, shifting WhatsApp's stance on targeted advertising and enhancing customer engagement.
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Nvidia's market cap hits $3 trillion briefly, overtaking Apple as second most valuable company
The latest rally in Nvidia comes as it prepares to split its stock ten-for-one, effective on June 7, a move that could increase its appeal to individual investors.
Australia should force Meta to pay for news, News Corp executive says
Meta could block news reposting if Australia enforces the 2021 law, similar to actions taken in Canada. Academics note increased misinformation spread in Canada since 2023 due to similar laws and reduced news promotion by Meta.
Build your superstructure
As generative AI continues to evolve, the debate over its development and release models becomes important. Across the foundation models driving the explosion of GenAI are two broad philosophies for the development and release of this tech: open- and closed-source models.
Nvidia CEO Huang expects AI-generated videos to drive more demand for its chips
After riding a demand surge sparked by Big Tech's rush to roll out chatbots, Nvidia now expects new AI models that are capable of creating video and engaging in human-like voice interactions to spur more orders for its graphics processors.
Job site Indeed cuts around 1,000 jobs in second layoff in two years
Indeed's layoffs were announced by chief executive officer Chris Hyams in a company memo. This development comes as the job listing platform grapples with a significant downturn in job postings and a cooling labor market.
Rumble sues Google over digital advertising practices
The suit alleges Google has monopolized the ad stack "by buying companies up and down the chain, concurrently representing both ad buyers and sellers, while also running the exchange that connects those parties."
EU queries X over cut to content moderation resources
The EU on Wednesday told digital platform X to explain a cut to content moderation resources, amid concerns over disinformation ahead of European elections in June. The European Commission said it wanted more information about X's "content moderation activities and resources" after a transparency report in April showed it has cut its team of content moderators by "almost 20 percent" since an October 2023 report.
Yellow.ai launches model-as-a-service through Orchestrator LLM
Yellow.ai's Orchestrator LLM combines 15 AI models for enterprise tasks, enhancing customer conversations. It reduces operational costs, boosts agent productivity, and caters to global enterprises like Sony, Domino's, and Hyundai.
Tech platforms make pitch for ad deals as TikTok is roiled by politics
TikTok is expected to generate $8.66 billion in U.S. ad revenue this year according to an estimate from research firm Emarketer. While it is a fraction of the size of Google and Meta, TikTok kicked off the short-form video craze and prompted rivals to build similar features.
Here's how much an average Meta employee earned in 2023; Mark Zuckerberg's compensation revealed too
Meta's median employee earned a staggering $379,000 in 2023, with CEO Mark Zuckerberg noting a total compensation of $24.4 million. Despite receiving a nominal salary of $1 since 2013, Zuckerberg's wealth has soared by over $47 billion this year alone. The tech giant's net profit rose to $12.4 billion in the first quarter of 2024, with total revenue up by 27 percent at $36.5 billion.
Alphabet, Microsoft earnings show hefty AI bets are driving growth
Alphabet rose 10%, crossing $2 trillion in market value with a gain of about $180 billion as it sweetened the pot for investors with its maiden dividend and a $70 billion stock buyback.
Snap beats first-quarter expectations, shares jump 25%
Snap exceeded revenue and user growth expectations, with shares spiking 25%. Improved ad system and user interaction drove Q1 revenue to $1.2 billion. Daily Snapchat users increased to 422 million, and Snap introduced a TikTok-like feature, preparing for potential TikTok ban.
Microsoft results top Wall Street targets, driven by AI investment
Microsoft beats revenue expectations with AI adoption in cloud services. Stock jumps 4%. Forecasted cloud revenue above Wall Street. Microsoft's value increased by $128 billion. Azure revenue exceeded estimates.
Meta reports surge in profit but company's increased spends spook investors
Meta's Q1 profit surged, beating estimates, yet stock slumped post higher expense forecast. Zuckerberg emphasizes long-term investments and positive Meta AI feedback.
Meta shares sink on higher AI spending, light revenue forecast
Shares of the Facebook and Instagram parent dropped about 15% in extended trade following the report, its market capitalization plunging to about $1 trillion.
Netflix to stop reporting subscriber tally as streaming wars cool
Netflix halts quarterly subscriber reporting, signals growth slowdown. Stock falls on missed revenue forecast. Global total hits 269.6M. Ad-supported streaming attracts 9.3M. Focus on major milestones and competition from Walt Disney.
Meta releases early versions of its Llama 3 AI model
The models will be integrated into virtual assistant Meta AI, which the company is pitching as the most sophisticated of its free-to-use peers.
Meta, others should give users free option without targeted ads, EU privacy watchdog says
The U.S. tech giant launched the no-ads subscription service for Facebook and Instagram in Europe last November, saying users who consent to be tracked get a free service which is funded by advertising revenues.
Reliance's Tamil Nadu campus may host Meta’s first India data centre
Meta to establish its first data center in India at Reliance Industries campus in Chennai, enabling local content processing for Facebook, Instagram, and WhatsApp. The move aligns with the growing user base and ad revenue in India.
Meta Platforms must face advertisers' class action, US appeals court says
Advertisers said the metric used measured the number social media accounts, not the lower number of actual people, and inflated the number of potential viewers by as much as 400%. The court also decertified a separate class seeking injunctive relief, meaning the advertisers cannot sue as a group, because it wasn't clear that the main plaintiff had legal standing to sue.
Meta offers to cut Facebook, Instagram monthly fees to 5.99 euros
Meta Platforms has offered to cut a monthly subscription fee for Facebook and Instagram to 5.99 euros from 9.99 euros following discussions with regulators, a senior Meta executive said on Tuesday.
Snap misses revenue estimate, shares plunge 30%
Meta's advertising sales surged 25% in the December quarter. Google's ad business grew 11% as ad sales from YouTube increased 16% in the same period.
Meta posts sharp profit, revenue increase in Q4 thanks to cost cuts and advertising rebound
Meta Platforms Inc. tripled its profit to $14 billion, or $5.33 per share, in Q4 2023, up from $4.65 billion, or $1.76 per share, a year earlier. Revenue grew 25% to $40.11 billion from $32.17 billion. Monthly active users on Meta's apps reached 3.98 billion, up 6% from 2022. Meta is forecasting Q1 2024 revenue of $34.5 billion to $37 billion, above expectations. It had 67,317 employees as of Dec. 31, 2023, a decrease of 22% year-over-year.
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