Elon Musk, CEO of Tesla, has once again surpassed Mark Zuckerberg as the world’s richest person following Meta’s recent decline in market value. Meta’s stock dropped 12% after the company reported its earnings, due to concerns over its AI initiatives and muted revenue forecast for the second quarter. Despite Tesla’s disappointing earnings results, investors remain optimistic about the company’s future prospects, as it plans to introduce lower-priced EVs in the near future.
Oscar winner Aaron Sorkin is writing a sequel to his 2010 film ‘The Social Network’, which will focus on Facebook’s role in the January 6, 2021 attack on the U.S. Capitol. Sorkin confirmed the news during a live-from-D.C. edition of ‘The Hollywood Reporter’s’ podcast ‘Behind the Screen’, where he said, ‘You’re going to need to buy a movie ticket’ when asked about the project. The writer has previously expressed his desire to write a sequel about ‘the dark side’ of Facebook, especially if David Fincher would return to direct. Sources close to Sorkin confirmed that the writer is working on a ‘Social Network’-adjacent screenplay, but emphasized that the project was early days and there was no studio partner as of yet.
Meta Platforms, the parent company of Facebook, reported strong first quarter earnings that surpassed market expectations. However, its shares plunged 15% in after-hours trading due to weaker-than-expected revenue guidance and increased spending on artificial intelligence (AI). The company’s revenue came in at $36.46 billion, representing a 27% increase year-over-year, while its earnings per share were $4.71, beating estimates. Meta’s advertising revenue remained a primary driver for sales, growing 27% to $35.64 billion. However, its Metaverse division, Reality Labs, continued to operate at a loss of $3.85 billion. For the second quarter, Meta provided weaker-than-anticipated revenue guidance, with an expected range between $36.5 and $39 billion, falling short of analysts’ forecasts. The company plans to increase its spending on AI projects and data center infrastructure, with its full-year 2024 capital expenditures estimated to be in the range of $35 billion to $40 billion. Meta’s CEO, Mark Zuckerberg, emphasized the company’s renewed focus on AI development and its ambition to compete with rivals like Microsoft and Alphabet in the AI race. The company’s recent launch of its Meta AI platform and its partnership with hardware companies for its AR headsets are seen as significant steps in this direction.
Meta Platforms, Inc. has witnessed a surge in AI-recommended content, with over 50% of Instagram’s posts and 30% of Facebook’s feed now powered by artificial intelligence. Meta CEO Mark Zuckerberg unveiled these statistics during the company’s first-quarter financial results announcement, highlighting the growing influence of AI in shaping user experiences. Meta’s AI-powered tools have also boosted revenue for advertisers, with Advantage+ Shopping and Advantage+ App Campaigns experiencing significant growth. The company’s first-quarter revenue of $36.45 billion exceeded analysts’ expectations, contributing to the success of its AI initiatives.
Despite initial setbacks and ongoing financial losses, Facebook’s parent company Meta is continuing to invest in its metaverse project. The company’s Reality Labs division recently posted a $3.8 billion loss, but these losses have decreased compared to previous quarters. Zuckerberg remains optimistic about the metaverse’s potential, stating that progress is being made towards fulfilling his long-term vision.
Meta’s first-quarter earnings report revealed a significant increase in profit, driven by higher advertising revenue and a rise in ad prices. However, the company’s lukewarm revenue guidance for the current quarter sent shares tumbling in after-hours trading.
Meta Platforms’ stock price plunged by 10% after the company announced a lower-than-expected revenue forecast for the second quarter. Meta expects revenue to be between $36.5 billion and $39 billion, compared to analysts’ predictions of $38.3 billion. This disappointing forecast reflects a potential slowdown in revenue growth due to the limited impact of new AI tools and increased expenses for supporting these investments. Meta also raised its spending projections for this year, including capital expenditure and total expenses.
Meta Platforms, the parent company of Facebook, reported strong quarterly financials for the first quarter of 2023. Revenue and earnings per share exceeded Wall Street expectations, but the company’s higher expenses and lower-than-anticipated revenue guidance for the current quarter led to a 10% decline in its stock price in after-hours trading. The company’s daily active people (DAP) across its family of apps, including Facebook, Instagram, and WhatsApp, increased by 7% to 3.24 billion. Meta’s revenue rose 27% to $36.46 billion for the quarter, while net income reached $12.4 billion, a significant increase from the previous year’s $5.7 billion.
Take charge of your privacy on Facebook by learning how to block the app’s access to your photos. This guide provides step-by-step instructions for iPhone/iPad and Android devices. By carefully managing your settings, you can enjoy social media without compromising your personal moments or accidentally sharing sensitive images.
Facebook has allegedly interfered with U.S. elections at least 39 times since 2008, according to a study by the Media Research Center (MRC). Former President Donald Trump has raised concerns that Facebook is as dishonest as TikTok and could lead users to a worse American app. The study highlights Facebook’s history of censorship, including the shutdown of political advertising in 2020 and the deletion of Virginia gubernatorial candidate Amanda Chase’s account in 2021. Conservatives have long accused Facebook of favoring liberal ideology, and the MRC study provides evidence to support these claims.
