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☆ Meta's stellar quarter shows Zuckerberg can both monetize and cut costs
▼ + stars: | 2023-07-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

But the company delivered on those lofty expectations with a quarter that was the best among the group so far. Taken together, the company has been able to significantly accelerate revenue growth. Coupled with rebounding operating margins, the stock is now more deserving of a so-called growth stock multiple instead of the "value" label investors had attached to the firm last year. But for now, Zuckerberg has a pass because, to his credit, Meta's cost structure has been reduced significantly this year. After buying back $9.22 billion worth of stock in the first quarter, Meta only repurchased $793 million in the second quarter.

Persons: Meta, Mark Zuckerberg's, Zuckerberg, Susan Li, It's, Elon, Jim Cramer's, Jim Cramer, Jim, Stefani Reynolds Organizations: Revenue, Meta, Facebook, Microsoft, Labs, Reality Labs, Twitter, repurchases, CNBC, AFP, Getty Locations: U.S, Canada, Washington ,

☆ Mark Zuckerberg's Metaverse losses pass $40 billion. Here's why that's suddenly OK.
▼ + stars: | 2023-07-26 | by ( Kali Hays | ) www.businessinsider.com time to read: +3 min

Meta has so far lost more than $40 billion on metaverse projects and expects to lose more. Wall Street is starting to come to terms with the massive amount of money Mark Zuckerberg keeps pouring into the metaverse. With second-quarter results out, collective losses from Reality Labs, the metaverse unit at Meta, has now surpassed $40 billion and more financial pain is on the way. "There are, you know, a billion or 2 billion people who have glasses today. During the second quarter, profit from that family of apps increased by $2 billion, while losses from Reality Labs came in at $3.7 billion.

Persons: Meta, Mark Zuckerberg, Zuckerberg, hassled Zuckerberg, Kali Hays Organizations: Morning, Reality Labs, Meta, Revenue, Facebook, Twitter Locations: khays

☆ Meta’s Reality Labs has now lost more than $21 billion since the beginning of last year
▼ + stars: | 2023-07-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Analysts polled by StreetAccount were projecting Reality Labs to record $421 million in sales and $3.5 billion in operating losses. Meta reported second-quarter earnings on Wednesday and said that its Reality Labs unit, which develops virtual reality and augmented reality technologies needed to power the metaverse, logged a $3.7 billion operating loss. Last year, Meta's Reality Labs unit lost a total of $13.7 billion while bringing in $2.16 billion in revenue, which is driven in part by the company's sales of Quest-branded VR headsets. Reality Labs lost $3.99 billion during the first quarter. Meta said in its earnings report that it expects operating losses in its Reality Labs unit "to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem."

Persons: Meta, Zuckerberg Organizations: Meta, StreetAccount, Reality Labs, Labs, Quest Pro, VR, Apple, Qualcomm

☆ Facebook's ad rebound gives Meta CEO Mark Zuckerberg freedom to pursue far-out bets
▼ + stars: | 2023-07-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +4 min

While Snap's revenue dropped 4% in the second quarter, Meta is solidly growing again, driven by Facebook's ad business. Neither Zuckerberg nor Spiegel have plans to cut back on spending money on experimental projects. Meta is burning billions of dollars a quarter on the futuristic metaverse , and Snap is pouring cash into augmented reality products and services. Meta CEO Mark Zuckerberg is once again a fan favorite on Wall Street. And while Meta has seemingly fixed most of its ad problems, Snap is still struggling.

Persons: Mark Zuckerberg, Zuckerberg, Spiegel, Evan Spiegel, Susan Li, Li, —, Snap's, Meta, James Cordwell, Cordwell Organizations: Meta, Labs, Apple, Google, Facebook, Atlantic Locations: San Jose , California, U.S, Ukraine

☆ Twitter is rebranding to X. Here are 5 more tech companies that controversially changed their names or faced backlash.
▼ + stars: | 2023-07-25 | by ( Pete Syme | ) www.businessinsider.com time to read: +8 min

Here are five more tech companies which changed their names — some controversially, and others leading to success. From The Facebook to Facebook, then MetaMark Zuckerberg at Harvard University, three months after The Facebook was created. But the business plan was first written for a company called Cadabra, as in a magician's "Abracadabra." Before Twitter became X, X.com became PayPalPeter Thiel, left, and Elon Musk, right, hold VISA credit cards branded with the X.com company logo on October 20, 2000. Paul Sakuma/APElon Musk cofounded the online payment company X.com in 1999 before it merged with Peter Thiel's Confinity a year later.

Persons: Elon Musk, Musk, Mark Zuckerberg, Rick Friedman, Sean Parker, Justin Timberlake, Zuckerberg, that's, Frances Haugen, Sergey Brin, Larry Page, Martin Magunia, Brin, Sundar Pichai, Mike Krieger, Kevin Systrom, Stephen Chernin Instagram, Andreessen Horowitz, Krieger, Systrom, Instagram, Jeff Bezos, Evan Agostini, —, Bezos, Mackenzie Scott, X.com, PayPal Peter Thiel, Paul Sakuma, AP Elon Musk, Peter Thiel's Confinity, Jimmy Soni's, Thiel, Walter Isaacson Organizations: Twitter, PayPal, Morning, Facebook, Harvard University, Meta, VR, Reality Labs, Google, Getty, Stanford, Microsoft, REUTERS, Baseline Ventures, Stanford University, Inc, Amazon, AP Elon, eBay Locations: Burbn

☆ Meta's CTO was asked whether the term 'metaverse' did more harm than good. He chuckled and compared it to the early confusion over the word 'internet.'
▼ + stars: | 2023-07-11 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

Bosworth was asked whether he felt the term "metaverse" did more harm than good. But if you're still scratching your head over the term "metaverse," don't worry, Meta's chief technology officer gets your confusion. He then compared the ambiguity around the definition of the metaverse to the confusion people experienced in the early 1990s when they were making sense of the internet. At the same time, Bosworth admitted that Meta never expected its rebrand — and by extension the term metaverse — to garner so much attention. Reality Labs was included in Meta's recent layoffs, and Zuckerberg seems to have since shifted focus to AI.

Persons: Andrew Bosworth, Instagram . Bosworth, Mark Zuckerberg's, It's, Andrew Bosworth –, Bosworth, Meta, —, Mark Zuckerberg, Zuckerberg Organizations: Facebook, Reality Labs Locations: Instagram .

☆ Meta launches VR subscription service that costs $7.99 a month
▼ + stars: | 2023-06-26 | by ( Ashley Capoot | ) www.cnbc.com time to read: +1 min

Meta on Monday announced a virtual reality subscription service called Meta Quest+ that will give users access to two new games each month. Meta Quest+ costs $7.99 a month and is compatible with the Quest 2, the Quest Pro and the upcoming Quest 3. The subscription service marks Meta's latest effort to generate recurring revenue from its Reality Labs unit, which is developing virtual reality and augmented reality technologies. New games will launch for Meta Quest+ subscribers on the first of each month. Meta Quest+ is available in the Meta Quest Store starting Monday.

Organizations: Monday, Meta, Quest Pro, Reality Labs, Meta Quest

☆ Meta is already backing off its future retail plans a year after opening its first physical store
▼ + stars: | 2023-06-16 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Meta last May opened its first retail store within its Burlingame office campus. Meta's nascent strategy to launch its own retail stores is already being undone, according to people familiar with the situation. As part of the company's metaverse strategy, the Meta Store serves mainly as a showroom for its Quest headset, where people can test out the hardware and purchase it. It was thought upon its opening to be the beginning of Meta's retail ambitions. It has also discontinued the sale of its Portal video chat device, previously part of its retail store, and will not be releasing a planned watch product.

Persons: Mark Zuckerberg's, Gilliard, Meta, Zuckerberg, Meta's, Susan Li, I'm, Kali Hays Organizations: Meta, Facebook, LinkedIn, Big Tech, Microsoft, Reality Labs, Twitter Locations: Burlingame, California, Seattle, khays

☆ Elon Musk joked that he took 'too much' anti-aging formula in response to a viral AI-generated image of him as a baby on Twitter
▼ + stars: | 2023-06-08 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

A fake AI-generated image of Elon Musk as a baby has racked up 4.5 million views on Twitter. Fake images of Musk kissing robot wives and in other bizarre scenarios have gone viral on Twitter. One image of Musk as a child is making the rounds on Twitter and has racked up 4.5 million views. The parody account that posted it captioned the fake image: "BREAKING: Elon Musk was reportedly working on some anti aging formula but it got way out of hand." Recently images of Musk kissing "robot wives" were spreading on the platform but were quickly revealed to be created by AI.

Persons: Elon Musk, Musk, Henry Ajder, Pope Francis, Donald Trump, it's, Ajder Organizations: Twitter, Meta's Reality Labs

☆ The rivalry between Meta and Apple is moving to a new playing field: virtual reality
▼ + stars: | 2023-06-07 | by ( Clare Duffy | ) edition.cnn.com time to read: +8 min

New York CNN —Months after Apple unveiled a privacy change that threatened Facebook’s core advertising business, the social networking company rebranded as Meta and shifted its focus to virtual reality. Apple (AAPL) on Monday unveiled its mixed reality headset, the Vision Pro, in one of its most ambitious product launches in years. On Thursday, just days before WWDC, Meta CEO Mark Zuckerberg tried to preempt the expected Apple headset announcement by teasing the Meta Quest 3. Apple on Monday unveiled its first-ever virtual reality headset, challenging Facebook-owner Meta in a market that has yet to gain widespread consumer adoption. Apple chose not to focus on the term “virtual reality,” nor did it show off disembodied avatars without legs inhabiting a virtual world, as Meta did initially.

Persons: Tim Cook, Mark Zuckerberg, Steve Jobs, Meta, Josh Edelson, Morgan Stanley, “ We’re, ” Sheeva, ” Eric Alexander, Apple, ”, Julie, Forrester, Zuckerberg, that’s, Alexander, ’ ”, It’s, D.A, Davidson, Tom Forte, Forte, Blackberry, ” Forte Organizations: New, New York CNN, Apple, Meta, Vision, Microsoft, Google, VR, Facebook, Getty, Street, IDC, ” Sheeva Slovan, Reality Labs, CNN, Apple's, WWDC, Disney Locations: New York, AFP, ’

☆ Apple didn't mention the metaverse once
▼ + stars: | 2023-06-06 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Apple's mixed-reality headset is finally here, but it isn't talking about the metaverse. Apple may see the term metaverse, pushed by Mark Zuckerberg, as confusing and alienating. Apple mixed-reality headset, called Vision Pro, is finally here but for anyone watching the grand unveiling in Cupertino something was conspicuously missing: The metaverse didn't get a single mention. At no point did the Apple CEO use the term metaverse. "In the same way Mac introduced us to personal computing, and iPhone introduced us to mobile computing, Apple Vision Pro will introduce us to spatial computing," he said.

Persons: Apple's, Tim Cook, Mark Zuckerberg, Mac, Zuckerberg's, Neal Stephenson, Satya Nadella, Gene Munster, That's chunky — Organizations: Morning, Vision, Apple Vision, Apple, Facebook, Meta, Labs, Zuckerberg, Microsoft, Google, Apple Watch, Deepwater Asset Management Locations: Cupertino

☆ Meta's heated rivalry with Apple enters new phase as the tech giants go after headsets
▼ + stars: | 2023-06-05 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +5 min

But Apple hasn't said exactly when Vision Pro will be available, only that it will be early next year. Meta's Quest family of VR headsets include the $300 Quest 2 and the $500 Quest 3, which will be available in the fall. Apple CEO Tim Cook stands next to the new Apple Vision Pro headset is displayed during the Apple Worldwide Developers Conference on June 05, 2023 in Cupertino, California. And Apple has its own new operating system for the Vision Pro that it's calling visionOS. "And we believe Apple Vision Pro is a revolutionary platform that can make our vision a reality."

Persons: Mark Zuckerberg, Michael Nagle, Leo Gebbie, hasn't, Zuckerberg, Cook, Tim Cook, Justin Sullivan, visionOS, Bob Iger, Iger, We're, Meta didn't Organizations: Meta, Inc, Bloomberg, Getty, CCS, Vision, VR, Labs, Apple, Google, Facebook, Apple Vision, Apple Worldwide, Disney Locations: New York, Covid, Cupertino , California, Brussels

Apple unveiled its first mixed-reality headset, the Apple Vision Pro, on Monday. Tim Cook revealed Apple's first mixed-reality headset, the Vision Pro, during the company's annual keynote at the Worldwide Developers Conference on Monday. The Apple Vision Pro AppleWhen the headset detects someone else is nearby, it'll populate the outer display with your face. Apple's Vision Pro lets others in the room know when you're busy inside an application. The "Reality Dial" on Apple's Vision Pro headset AppleThe headset's input can also be physical — Apple's new headset works with the company's Magic Trackpad, keyboard, and MacBook.

Persons: Tim Cook, Bob Iger, Apple's, —, Apple, Iger, it's, You'll, Mark Zuckerberg Organizations: Apple, Apple Vision, Disney, Vision, Worldwide, Apple Watch, Apple's, Meta's, Sports, Bloomberg, Meta, Reality Labs, New York Times

☆ Zuckerberg unveils Meta Quest 3 VR headset days before Apple reveals its own
▼ + stars: | 2023-06-01 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Meta CEO Mark Zuckerberg teased his company's latest virtual reality headset, the Quest 3, on Thursday. Apple is expected to debut its competing VR headset next week as part of the company's June WWDC event. The iPhone-maker's consumer headset, which could also incorporate augmented reality technologies, will reportedly work with hundreds of thousands of iPad apps and cost at least $3,000. Meta continues to be spending heavily in the metaverse, the yet-to-be-developed digital universe that requires virtual reality and augmented reality technologies to access. Last October, Meta debuted its Quest Pro VR headset intended for businesses as opposed to consumers.

Persons: Mark Zuckerberg, Zuckerberg, it'll, Meta Organizations: Qualcomm, Apple, Labs, Meta, Quest Pro, Research, NPD Group, CNBC, Nvidia Locations: U.S

☆ Zuckerberg unveils Meta's latest VR headset days before Apple reveals its own
▼ + stars: | 2023-06-01 | by ( Delon Thornton | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailZuckerberg unveils Meta's latest VR headset days before Apple reveals its ownThe Quest 3 will be priced starting at $499 and is the successor to Meta's Quest 2 headset, which was released in the fall of 2020 at a starting price of $299. Apple is expected to debut its competing VR headset next week as part of the company's June WWDC event. Meta's Reality Labs unit, which is developing VR and AR technologies, recorded an operating loss of $3.99 billion in the company's first quarter while generating $339 million in revenue.

Persons: Zuckerberg, Meta's Organizations: Apple, Labs

☆ Meta unveils Quest 3 mixed reality headset ahead of Apple's VR debut
▼ + stars: | 2023-06-01 | by ( Katie Paul | ) www.reuters.com time to read: +2 min

NEW YORK, June 1 (Reuters) - Meta Platforms (META.O) CEO Mark Zuckerberg on Thursday revealed the company's next generation mixed reality headset, the Quest 3, as it braces for Apple to potentially reshape the nascent market that Meta has dominated so far. Priced starting at $499, the device will be 40% thinner than the company's previous headset and feature color mixed reality, which combines augmented and virtual reality (AR/VR) elements, Zuckerberg said in an Instagram post. Zuckerberg's announcement came less than a week before tech rival Apple (AAPL.O) was expected to unveil its first mixed reality device. Meta's devices comprised nearly 80% of the 8.8 million virtual reality headsets sold in 2022, according to an estimate by market research firm IDC. Its high-end Meta Quest Pro now retails for about $1,000, down from a launch price of $1,500, and the Quest 2's 256 GB version now starts at about $430, down from $500.

Persons: Mark Zuckerberg, Zuckerberg, Pico, Meta, Katie Paul, Yuvraj Malik, Lisa Shumaker Organizations: YORK, Apple, Meta, Qualcomm, IDC, TikTok, Thomson

☆ Meta has started its latest round of layoffs, focusing on business groups
▼ + stars: | 2023-05-24 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Meta has begun its third round of layoffs as part of the company's multibillion-dollar plan to save costs. The latest round of cuts targets members of Meta's business groups and follows a previous round of layoffs in April that affected employees in technical roles. About 10,000 workers will lose their jobs between the April and May cuts, following the company's first round in November that affected 11,000 employees. Meta declined to comment but referred CNBC to an earlier post by CEO Mark Zuckerberg saying cuts to the company's business groups would begin in late May. In April, Meta reported first-quarter revenue rose 3% from $27.91 billion a year earlier, after three straight periods in which it declined.

Persons: Meta, Mark Zuckerberg, Zuckerberg, I've Organizations: LinkedIn, Reuters, Meta, CNBC, Reality Labs, Big Tech Locations: Meta's

☆ Creator of Meta's Oculus VR says Apple's rival mixed-reality headset is 'so good'
▼ + stars: | 2023-05-15 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Oculus VR cofounder Palmer Luckey was full of praise for Apple's mixed-reality headset. Apple has been quiet on its next big thing at a time when its rivals are shifting to focus on AI. The original designer of Meta's VR offering, Oculus, says Apple's much-rumored rival metaverse headset is "so good." Oculus was acquired in 2014 by Facebook before the social-media company changed its corporate name to Meta. Apple has remained relatively quiet on AI by comparison, with Tim Cook emphasizing the need to be "deliberate and thoughtful."

☆ Meta just secured a patent for AI generated ads, which could give the company a needed boost
▼ + stars: | 2023-05-10 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

CEO Mark Zuckerberg said earlier this year he wanted to "turbocharge" Meta's generative AI work. Meta is pushing forward with generative AI projects aimed at bolstering its still-recovering advertising business. What's described in Meta's new patent is the alteration and creation of new or "enhanced" ad content through the use of generative AI. In February, Zuckerberg said he was creating "a new top-level product group" at the company to "turbocharge" work in genAI. Instead, an advertiser will have the option to "ask the AI, 'Make images for my company that work for different audiences,'" Bosworth said.

☆ Mark Zuckerberg, whose Meta laid off thousands of people, is now the 12th richest person on the planet after his wealth surged to $87 billion
▼ + stars: | 2023-04-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Zuckerberg's wealth shot up by $10 billion to top $87 billion on Thursday. Meta has laid off thousands of staffers, which likely impacted the company's productivity and dented employee morale. Because of that, Zuckerberg's wealth shot up by $10 billion to top $87 billion, the highest it's been in over a year. He is now the 12th richest person on the planet, per the Bloomberg Billionaire Index. These cuts are on top of the 11,000 jobs Meta already axed in November, part of the company's broader play to make 2023 its "year of efficiency."

☆ Mark Zuckerberg says he is absolutely not abandoning the metaverse as company division loses $4 billion
▼ + stars: | 2023-04-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg denied that Meta was pivoting its focus from the metaverse to AI. "We've been focusing on both AI and the Metaverse for years now, and we will continue to focus on both," he said. The division that houses Meta's AR and VR projects posted a $4 billion loss in the first quarter. Meta CEO Mark Zuckerberg says he isn't abandoning the metaverse, even as the division of the company that manages its virtual and augmented reality projects lost $4 billion in the first quarter. "A narrative has developed that we're somehow moving away from focusing on the metaverse vision," Zuckerberg told investors on Wednesday.

"At this point, we are no longer behind in building out our AI infrastructure," Zuckerberg said on a conference call. AI recommendations increased time spent on Instagram by 24% in the January-March quarter, Meta said. Reuters GraphicsCOST CONTROLSpending on the AI retooling has spiked the company's capital expenditures, which came in slightly under expectations at $7.1 billion for the quarter. "We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both." Revenue for the first quarter rose 3% to $28.65 billion, beating an average estimate of $27.66 billion.

The company said its expenses for the year may be lower than it had forecast in March. Spending on the AI retooling has spiked the company's capital expenditures, which came in slightly under expectations at $7.1 billion for the quarter. Analysts had forecast $7.2 billion in capital expenditures in the quarter, based on the company's annual forecast of $30 billion to $33 billion, which it kept unchanged. Net profit for the first three months of the year fell to $2.20 per share from $2.72 a year earlier, but beat expectations of $2.03 a share. Revenue for the first quarter rose 3% to $28.65 billion, beating an average estimate of $27.66 billion.

☆ Meta is younger dog learning newer new tricks
▼ + stars: | 2023-04-26 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, April 26 (Reuters Breakingviews) - Meta Platforms (META.O) is a full generation younger than its Big Tech peers, and it’s looking pretty fresh, too. The company's first-quarter profit announced on Wednesday beat analysts’ expectations, sending shares of the $530 billion company up 12% in after-market trading. A 3% year-over-year boost in revenue, the first such increase the company has had in a while, was a pleasant surprise. In order to grow ads 26%, the company had to slice the average price per ad by 17%. Operating expenses jumped 10% from the same period last year, giving the company a 25% operating margin for the quarter.

☆ Meta set to report first-quarter earnings after the bell
▼ + stars: | 2023-04-26 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Facebook parent Meta is scheduled to report first-quarter earnings after the close of regular trading Wednesday. $27.65 billion, according to Refinitiv. Daily active users (DAUs): 2.01 billion, according to StreetAccount. 2.01 billion, according to StreetAccount. Monthly active users (MAUs): 2.99 billion, according to StreetAccount.

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