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Facebook-Parent Meta Says Q3 Profit Halved to $4.4 Billion YoY, Plans ‘Significant Changes’

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Facebook-parent Meta reported Wednesday that its profit more than halved to $4.4 billion (roughly Rs. 36,210 crore) in the third quarter from $9.2 billion (roughly Rs. 75,700 crore) a year earlier, and said it plans “significant changes” to bolster efficiency in a tough economic environment. The social networking giant, which faces stagnating user numbers and cuts in advertising budgets, also said revenue slipped to $27.7 billion (roughly Rs. 2,28,000 crore) from $29 billion (roughly Rs. 2,38,600 crore) a year earlier.

“We’re approaching 2023 with a focus on prioritisation and efficiency that will help us navigate the current environment and emerge an even stronger company,” said Meta chief Mark Zuckerberg.

Meta shares plunged 19.1 percent to $105 (roughly Rs. 8,600) in after-market trades, the price less than a third of what it was at the start of this year.

“While we continue to navigate some challenging dynamics – a volatile macro economy, increasing competition, ad signal loss and growing costs from our long-term investments — I have to say that our product trends look better from what I see then some of the commentary I’ve seen suggests,” Zuckerberg told analysts on an earnings call.

The number of monthly active users at Facebook was up just two percent to 2.96 billion at the end of September, Meta reported.

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Meanwhile, the number of employees at the tech titan tallied 87,314, a 28 percent increase from a year earlier, the earnings report stated.

“We are making significant changes across the board to operate more efficiently,” Meta said in the release.

The Silicon Valley-based tech firm said that it expects to hold headcount levels in check over the next year.

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Zuckerberg said that while tightening its belt, Meta will focus on its artificial intelligence that powers recommendations at offerings such as short-form video feature Reels, as well as ad messaging platforms and its vision for the metaverse.

Apple squeeze

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

“Meta is on shaky legs when it comes to the current state of its business,” said Insider Intelligence principal analyst Debra Aho Williamson.

“Mark Zuckerberg’s decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today.”

Those realities include Meta being under pressure due to global economic conditions, competition including TikTok, and Apple letting iPhone users curb collection of data “signals” for targeting money-making ads, according to the analyst.

Apple last year began letting iPhone users decide whether to allow their online activity to be tracked for the purpose of targeting ads — a change which it said shows its focus is on privacy, but which critics note does not prevent the company itself from tracking.

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Meta expected that policy, which impacts the precision of the ads it sells and thus their price, to cost the social media giant $10 billion (roughly Rs. 82,300 crore) in lost revenue this year.

This week, Apple updated its App Store rules to require that apps offered there use its payment system for sales of “boosted” posts, which are essentially ad messages promoted to the top of social media feeds for a price.

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The App Store is the lone gateway for digital content to get onto iPhones or iPads.

The change means that Apple will be able to collect its 30 percent commission on that type of advertising at Facebook and Instagram, where all the money made previously had gone to Meta because they used their own payment system.

“Apple continues to evolve its policies to grow their own business while undercutting others in the digital economy,” Meta said in reply to an AFP inquiry.

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“Apple previously said it didn’t take a share of developer advertising revenue, and now apparently changed its mind.”

Meta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users.

In July, Meta reported its first quarterly revenue drop and a plunging profit.


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Twitter Under Elon Musk Leaning on Automation to Moderate Content Against Hate Speech

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Elon Musk’s Twitter is leaning heavily on automation to moderate content, doing away with certain manual reviews and favoring restrictions on distribution rather than removing certain speech outright, its new head of trust and safety told Reuters.

Twitter is also more aggressively restricting abuse-prone hashtags and search results in areas including child exploitation, regardless of potential impacts on “benign uses” of those terms, said Twitter Vice President of Trust and Safety Product Ella Irwin.

“The biggest thing that’s changed is the team is fully empowered to move fast and be as aggressive as possible,” Irwin said on Thursday, in the first interview a Twitter executive has given since Musk’s acquisition of the social media company in late October.

Her comments come as researchers are reporting a surge in hate speech on the social media service, after Musk announced an amnesty for accounts suspended under the company’s previous leadership that had not broken the law or engaged in “egregious spam.”

The company has faced pointed questions about its ability and willingness to moderate harmful and illegal content since Musk slashed half of Twitter’s staff and issued an ultimatum to work long hours that resulted in the loss of hundreds more employees.

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And advertisers, Twitter’s main revenue source, have fled the platform over concerns about brand safety.

On Friday, Musk vowed “significant reinforcement of content moderation and protection of freedom of speech” in a meeting with France President Emmanuel Macron.

Irwin said Musk encouraged the team to worry less about how their actions would affect user growth or revenue, saying safety was the company’s top priority. “He emphasizes that every single day, multiple times a day,” she said.

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The approach to safety Irwin described at least in part reflects an acceleration of changes that were already being planned since last year around Twitter’s handling of hateful conduct and other policy violations, according to former employees familiar with that work.

One approach, captured in the industry mantra “freedom of speech, not freedom of reach,” entails leaving up certain tweets that violate the company’s policies but barring them from appearing in places like the home timeline and search.

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Twitter has long deployed such “visibility filtering” tools around misinformation and had already incorporated them into its official hateful conduct policy before the Musk acquisition. The approach allows for more freewheeling speech while cutting down on the potential harms associated with viral abusive content.

The number of tweets containing hateful content on Twitter rose sharply in the week before Musk tweeted on November 23 that impressions, or views, of hateful speech were declining, according to the Center for Countering Digital Hate – in one example of researchers pointing to the prevalence of such content, while Musk touts a reduction in visibility.

Tweets containing words that were anti-Black that week were triple the number seen in the month before Musk took over, while tweets containing a gay slur were up 31%, the researchers said.

‘More risks, move fast’

Irwin, who joined the company in June and previously held safety roles at other companies including Amazon.com and Google, pushed back on suggestions that Twitter did not have the resources or willingness to protect the platform.

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She said layoffs did not significantly impact full-time employees or contractors working on what the company referred to as its “Health” divisions, including in “critical areas” like child safety and content moderation.

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Two sources familiar with the cuts said that more than 50 percent of the Health engineering unit was laid off. Irwin did not immediately respond to a request for comment on the assertion, but previously denied that the Health team was severely impacted by layoffs.

She added that the number of people working on child safety had not changed since the acquisition, and that the product manager for the team was still there. Irwin said Twitter backfilled some positions for people who left the company, though she declined to provide specific figures for the extent of the turnover.

She said Musk was focused on using automation more, arguing that the company had in the past erred on the side of using time- and labor-intensive human reviews of harmful content.

“He’s encouraged the team to take more risks, move fast, get the platform safe,” she said.

On child safety, for instance, Irwin said Twitter had shifted toward automatically taking down tweets reported by trusted figures with a track record of accurately flagging harmful posts.

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Carolina Christofoletti, a threat intelligence researcher at TRM Labs who specializes in child sexual abuse material, said she has noticed Twitter recently taking down some content as fast as 30 seconds after she reports it, without acknowledging receipt of her report or confirmation of its decision.

See also  Elon Musk Fires Twitter’s Ethical AI Team, Sacked Employees Confirm Layoffs Through Tweets

In the interview on Thursday, Irwin said Twitter took down about 44,000 accounts involved in child safety violations, in collaboration with cybersecurity group Ghost Data.

Twitter is also restricting hashtags and search results frequently associated with abuse, like those aimed at looking up “teen” pornography. Past concerns about the impact of such restrictions on permitted uses of the terms were gone, she said.

The use of “trusted reporters” was “something we’ve discussed in the past at Twitter, but there was some hesitancy and frankly just some delay,” said Irwin.

“I think we now have the ability to actually move forward with things like that,” she said.

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© Thomson Reuters 2022


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Elon Musk Introduces ‘Live Tweeting’ Feature Amid Ongoing Plans for Twitter

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Twitter CEO Elon Musk, on Saturday, added a new feature ‘live tweeting’ and now it is currently active on the platform.

Author Matt Taibbi becomes the first user to use this new feature with his cryptic tweet “Thread: THE TWITTER FILES”

Taking to Twitter, Musk wrote, “Here we go!!” with popcorn emoticons.

Earlier, he tweeted, “We’re double-checking some facts, so probably start live tweeting in about 40 mins.”

We’re double-checking some facts, so probably start live tweeting in about 40 mins

— Elon Musk (@elonmusk) December 2, 2022

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Griftopia writer followed his first tweet which reads, “Thread: THE TWITTER FILES”, “What you’re about to read is the first installment in a series, based upon thousands of internal documents obtained by sources at Twitter.”

He added, “The “Twitter Files” tell an incredible story from inside one of the world’s largest and most influential social media platforms. It is a Frankensteinian tale of a human-built mechanism grown out the control of its designer.”

Twitter’s new boss is also working on “purging a lot” of spam/scam accounts.

On Thursday, Musk took to his Twitter account and shared the word limit update with everyone. He tweeted, “Twitter is purging a lot of spam/scam accounts right now, so you may see your follower count drop.”

Twitter is purging a lot of spam/scam accounts right now, so you may see your follower count drop

— Elon Musk (@elonmusk) December 1, 2022

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Musk is also planning to up Twitter’s character limit from 280 to 1000.

A few days ago, a social media user tagged Musk and tweeted, ” Idea on explanding character limit to 1000.”

In response, Musk wrote, “It’s on the todo list.”

The character limit has been one of the prime differences between Twitter and other social media services.Musk has shown interest in the idea of increasing the character limit on a number of occasions since his takeover of the platform, as per a report by Mashable. On November 27, a Twitter user suggested to Musk to increase the platform’s word limit from 280 to 420.

“Good idea” Musk wrote in response. Prior to that, another user had suggested “get rid of character limits.”

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“Absolutely”, the multi-billionaire responded.

Now it remains to be seen when Musk finally makes the changes regarding character limit.


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WhatsApp Begins Beta Testing Android Tablet Support, iOS Testers Get ‘Search by Date’ Feature

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WhatsApp is rolling out an update for its beta testers on Android that introduces support for WhatsApp for tablets. Select Android beta testers can now link their existing WhatsApp account on their phones with the tablet version of the app. Until now, a WhatsApp account on an Android phone could not be accessed on a secondary Android device. Meanwhile, some beta testers on WhatsApp for iOS are reportedly getting access to a new feature that will allow them to quickly jump to messages based on the date they were sent or received.

Spotted by WhatsApp feature tracker WABetaInfo, users who have signed up for WhatsApp’s beta programme will begin to see an in-app banner announcing the feature. A screengrab on the website shows a banner on top of chats which reads “Have an Android tablet? WhatsApp for tablet is available for beta testers.’ The banner will be visible as part of WhatsApp beta 2.22.25.8 update for Android, which makes the popular messaging app compatible on tablets. Gadgets 360 staff members who are part of the beta programme also received the banner on their smartphones.

However, the feature tracker states that the new tablet version of the app might not be feature-complete. “Note that some features may still not be available when installing WhatsApp on your tablet, for example, the ability to share a new status update, live locations, and broadcast lists,” the report said.

Notably, WhatsApp users can access their primary account on computer and WhatsApp for Web. The feature is finally coming to Android tablets, allowing beta testers to access their messages on both their smartphone and their tablet.

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Meanwhile, WABetaInfo also reports that beta testers on iOS are getting a new update that adds the ability to search for messages by date. WhatsApp version 22.24.0.77, via the TestFlight beta programme, will make it easier for users to jump to specific dates in a chat window. To check if the feature is available, users can look for a calendar icon inside the search option for a chat. The icon lets you use the ‘Jump to Date’ feature to look for specific messages sent on the day.

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WhatsApp has been busy in the past few weeks, rolling out multiple features on both Android and iOS. The app recently rolled out a ‘Message Yourself’ feature on both platforms that lets users text themselves, in case they need to note down important information, reminders, or store files. Additionally, iOS users also received an update that adds the ability to include captions for forwarded media.


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