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Meta Reports Rise in Daily Facebook Users to 1.97 Billion Amid First Revenue Drop in History

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Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok.

Meta had long delivered seemingly endless upward growth but after this income miss — and reporting earlier this year its first decline in global daily users — the company sounded a more modest tone.

“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” CEO Mark Zuckerberg told analysts after the firm reported a 36 percent drop in profit to $6.7 billion (roughly Rs. 53,457 crore).

Meta also said that revenue in the recently ended quarter ebbed a percent to $28.8 billion (roughly Rs. 2,29,700 crore), its first such slip since the firm, then known simply as Facebook, went public in 2012.

“The year-over-year drop in quarterly revenue signifies just how quickly Meta’s business has deteriorated,” said analyst Debra Aho Williamson.

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“The good news, if we can call it that, is that its competitors in digital advertising are also experiencing a slowdown.”

Meta however reported an increase in daily Facebook users to 1.97 billion, defying analysts’ predictions of a drop, but noted monthly users fell about two million to 2.93 billion.

Its shares were down around 3.5 percent in after-hours trading, continuing a decline in the firm’s stock since February that has erased about half of its value.

Meta has also faced steady scrutiny from lawmakers and regulators over not only its massive strength in the social media market, but also its impact on the health of its users.

See also  YouTube Removes US Capitol Riot Probe Video, Cites 'Election Misinformation' as the Reason

The results came just hours after US regulators announced they would try to block Meta’s acquisition of virtual reality fitness app maker Within, a potential blow to the tech giant’s metaverse ambitions.

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US targets Meta VR purchase

“This acquisition poses a reasonable probability of eliminating both present and future competition,” the FTC complaint said. “And Meta would be one step closer to its ultimate goal of owning the entire ‘Metaverse.’”

Meta is focused on building its metaverse vision for the internet’s future, betting heavily on the interactive virtual world that the company believes will ensure its powerful position.

The social media giant said the FTC’s move defied reality, and expressed confidence that its buy of Within would be good for VR users as well as developers who make apps in that market.

“The FTC’s case is based on ideology and speculation, not evidence,” Meta said in response to an AFP inquiry.

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Meta has also faced turbulence as it tries to adapt its platforms to better battle short-video app TikTok, which is threatening the Silicon Valley giant’s primacy.

Meta-owned Instagram is attempting to quell complaints by users including celebrities Kylie Jenner and Kim Kardashian who say changes have made it too much like TikTok, including video recommendations.

Instagram chief Adam Mosseri posted a video on Twitter addressing the complaint, saying a number of changes were being experimented with and promising not to abandon photo sharing at the service.

“We are going to continue to support photos, it is part of our heritage,” Mosseri said.

See also  Snap Q2 Report Sparks $80 Billion Loss in Ad Industry Market Cap Amid Tiktok Competition, Inflation Concerns

Earnings season has gotten off to a less than great start with disappointing reports from Netflix, Snapchat’s parent company and Microsoft.

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Snap announced plans last week to “substantially” slow recruitment after bleak results wiped some 30 percent off the stock price of the tech firm, which is facing difficulties on several fronts.

Even juggernaut Google reported its profit and revenue slipped as the internet giant’s long sizzling ad revenue growth cooled, but the market seemed relieved the news wasn’t worse.

The big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on their marketing budgets, and Apple’s data privacy changes, which have reduced their leeway for ad personalisation.


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Instagram Story Time Limit Increased to 60 Seconds: Report

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Instagram is reportedly increasing the time limit for Instagram Stories to 60 seconds, from the earlier limit of 15 seconds. Previously, Instagram Stories that were longer than 15 seconds would be broken up into separate segments. The social media company is said to have begun testing the change with select users towards the end of last year. Earlier this month, Instagram rolled out parental supervision tools and Family Center in India. Meta had announced the parental supervision tools and the Family Center tool back in March. The company was recently slapped with EUR 405 million (roughly Rs. 3,200 crore) fine for violating strict European Union data privacy rules.

According to a recent report by TechCrunch, Instagram confirmed that it is increasing the time limit of Instagram stories to 60 seconds from the earlier limit of 15 seconds. Previously, if a user had posted a video longer than 15 seconds, it used to get broken up into smaller segments. This made the process of uploading videos to Instagram Stories more challenging, including tagging and mentioning other users.

As mentioned earlier, Instagram is said to have begun testing the new change with select users towards the end of last year.

Earlier this month, Instagram also rolled out parental supervision tools and Family Center in India. The Family Center is a place for parents and guardians to access supervision tools and resources from leading experts. These tools will let them see the screen time spent by their kids on Instagram and impose time limits. The new parental controls are part of Meta’s attempts to protect children who actively use its social media apps.

See also  Twitter Sues Elon Musk for Breach of $44 Billion Deal, Calls His Exit Strategy 'A Model of Hypocrisy'

Instagram was recently slapped with a EUR 405 million (roughly Rs. 3,200 crore) fine for violating strict European Union data privacy rules. The Meta-owned social media platform was found mishandling the personal information of teenagers. Ireland’s Data Protection Commission’s investigation revealed that Instagram displayed the personal information of users between the age of 13 and 17 years. Instagram’s parent Meta said it disagrees with the way the fine was calculated and has expressed its desire to appeal the fine imposed by the regulator.

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Elon Musk, Twitter CEO Parag Agrawal Said to Postpone Depositions Ahead of Upcoming Trial

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Tesla CEO Elon Musk won a reprieve from questioning by Twitter lawyers Monday, according to several press reports. The billionaire had been scheduled to give a deposition in his high-stakes court fight with Twitter over whether he has to follow through with his agreement to buy the social platform for $44 billion (roughly Rs. 3,37,465 crore).

Instead, Musk’s questioning was postponed to a future date. Twitter CEO Parag Agrawal, who was also scheduled to face Musk lawyers on Monday, likewise postponed his deposition, according to a person who was briefed on the matter.

The Musk postponement was reported by Bloomberg, Reuters and the Wall Street Journal, all of which attributed the information to anonymous sources.

News of the postponements fueled a brief rally in Twitter shares, which jumped 5.4 percent to $43.03 (roughly Rs. 3,500), apparently on hopes of a settlement in the case. That enthusiasm waned later in the day. Twitter shares closed Monday at $41.58 (roughly Rs. 3,300), eight cents higher than they opened.

Court watchers said that such postponements are not unusual ahead of major pretrial hearings. A hearing on several significant pretrial motions is scheduled for Tuesday.

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Both men were expected to answer questions posed by opposing lawyers ahead of an October trial that will determine who is at fault for the seeming collapse of Musk’s Twitter bid, not to mention who owes whom large sums of money as a result. The trial is set to begin October 17 in Delaware Chancery Court, where it’s scheduled to last just five days.

Musk, the world’s richest man, agreed in April to buy Twitter and take it private, offering $54.20 (roughly Rs. 4,180) a share and vowing to loosen the company’s policing of content and to root out fake accounts. In July, he attempted to back out of the deal, leveling a number of charges at Twitter as justification for his action.

See also  Elon Musk Asks Judge to Schedule Twitter Trial Starting October 17, Direct Firm to Produce ‘Core Documents’

Twitter subsequently sued Musk to force him to complete the acquisition.


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WhatsApp Call Links Support Rolling Out, 32-Member Group Video Call Testing Also Begins

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WhatsApp on Monday announced that it will roll out Call Links later this week.

By Gadgets 360 Staff | Updated: 26 September 2022 18:33 IST

WhatsApp Call Links Support Rolling Out, 32-Member Group Video Call Testing Also Begins

WhatsApp on Monday announced that it will roll out Call Links to allow users to start a new call or join one with a single tap. The Meta-owned messaging service will make it easier for users to share call links when the feature rolls out later this week. WhatsApp will also begin testing group video calls for up to 32 people.

This is a breaking news story. Details will be added soon. Please refresh the page for latest version.

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