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Search resuls for: "Meta didn't"


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☆ Meta has pumped $36 billion into its metaverse and VR businesses since 2019. These 4 charts show the scale of its extreme spending — and huge losses.
  + stars: | 2022-10-29 | by ( Grace Dean | ) www.businessinsider.com   time to read: +4 min
Meta has pumped $36 billion into its Reality Labs division since 2019, an Insider analysis found. The division, comprising Meta's metaverse and VR businesses, made a $30.7 billion operating loss over the same period. "We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year," CFO David Wehner said. Grace Dean/InsiderCosts and expenses for Reality Labs amounted to $12.5 billion for the full-year 2021, and the division brought in $2.3 billion revenue. And despite the ballooning losses at Reality Labs, Zuckerberg said Wednesday he's "pretty confident" the company is heading "in a good direction."
☆ Mark Zuckerberg says Instagram Reels are booming despite celebrities such as Kim Kardashian and Kylie Jenner slamming the app for being like TikTok
  + stars: | 2022-10-27 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +3 min
Mark Zuckerberg said Reels on Instagram and Facebook were becoming more popular. Celebrities such as Kim Kardashian and Kylie Jenner said they wanted more "cute photos" on Instagram. Reels, a short-form video feature on both Instagram and Facebook, have been compared to the format of Chinese video platform TikTok. "Make Instagram Instagram again (stop trying to be TikTok. In comparison, TikTok users were scrolling through the app for nearly 200 million hours every day, per the Journal.
☆ Investor calls on Meta to slash headcount, slow metaverse spending
  + stars: | 2022-10-24 | by ( Kif Leswing | ) www.cnbc.com   time to read: +3 min
The letter is the latest sign that Meta investors are starting to express reservations about the company's recent performance. "In addition, people are confused by what the metaverse even means," Gerstner wrote. "An estimated $100B+ investment in an unknown future is super-sized and terrifying, even by Silicon Valley standards," Gerstner wrote. Ultimately, Gerstner believes that Meta has too many people and is spending too much on capital expenditures. In the letter, Gerstner says that Altimeter Capital doesn't have demands and simply wants to engage with Meta management.
☆ Russian lawmaker demands WhatsApp ban for state employees as Moscow moves to cut off Western technology
  + stars: | 2022-10-20 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +3 min
A Russian lawmaker said he wants to introduce a ban on WhatsApp for state employees. Anton Gorelkin wrote on Telegram he didn't advise anyone to trust Meta-owned WhatsApp. "I consider it necessary to introduce a direct ban on the use of WhatsApp for official purposes by Russian state and municipal employees," Gorelkin wrote in the Telegram post. Gorelkin wrote in Wednesday's Telegram post he has received increasingly more messages from friends, telling him to stop using WhatsApp. Meta didn't immediately respond to Insider's request for comment made outside of US operating hours.
☆ Meta documents show main metaverse is losing users and falling short of goals, report says
  + stars: | 2022-10-15 | by ( Ashley Capoot | ) www.cnbc.com   time to read: +2 min
Horizon Worlds, Meta 's flagship metaverse for consumers, is failing to meet internal performance expectations, according to The Wall Street Journal, which reviewed internal company documents. Additionally, the documents showed that most users didn't return to Horizon after the first month on the platform, and the number of users has steadily declined since spring, the Journal said. As a result, Meta created Horizon Worlds, which is a network of virtual spaces where users can engage with one another as avatars. Representatives for Meta didn't immediately respond to CNBC's request for comment. Read the full Journal report here.
☆ Mark Zuckerberg urged Meta staff to have virtual meetings when many of them didn't have VR headsets, report says
  + stars: | 2022-10-10 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +3 min
When Mark Zuckerberg urged Meta to have virtual meetings, many staff didn't own VR headsets, per NYT. Meta staff rushed to buy headsets and set them up before managers realized, a source told the NYT. Zuckerberg told staff this year to conduct meetings on Meta's Horizon Workrooms app, per NYT. The source, who remained anonymous, told The Times that many Meta employees didn't have VR headsets this year or hadn't gotten around to setting them up. Quest 2 was first known as the Oculus Quest 2 when it launched in 2020, but Meta changed its name the following year to Meta Quest 2.
☆ Some Meta employees call key metaverse projects 'make Mark happy' as a nod to Mark Zuckerberg's changing priorities, report says
  + stars: | 2022-10-10 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +2 min
Some Meta staff refer to certain metaverse projects as "make Mark happy," the NYT reported. "Make Mark happy" was shortened into the acronym "MMH," two Meta employees told the NYT. Mark Zuckerberg has changed his priorities one year on since rebranding Facebook to Meta, per NYT. Two workers at tech giant Meta, formerly known as Facebook, told The Times that "make Mark happy" was shortened into the acronym "MMH." Some Meta workers have become unhappy about the company changing its strategies on a frequent basis rather than sticking to a plan, employees told The Times.
☆ Meta employees proposed marketing its $399 virtual-reality headsets to people who will get student debt relief, a report says
  + stars: | 2022-10-10 | by ( Grace Kay | ) www.businessinsider.com   time to read: +4 min
Meta workers considered advertising VR headsets to federal student debt relief recipients. Three employees said the ad proposal could boost sales by 20%, The New York Times reported. The Times reported that it did not look like Meta had implemented the idea. What's more, even some Meta employees appear disillusioned with Zuckerberg's plans. Meanwhile, Insider's Kali Hays previously reported Meta was conducting "quiet layoffs" that could impact as much as 15% of the company's workforce.
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