said the company’s dream was “dead”. CNBC reported its stock was in a “death spiral”.And then on Wednesday its boss Mark Zuckerberg
d that users had been spending 7 per cent more time on Facebook this year than the one before. Daily users were up 5 per cent to 2.09 billion for the quarter.These new users might join the app for a host of reasons, but they’re staying for the intrusive videos and seemingly irrelevant posts that now populate users’ Facebook feeds. In other words: the
is working. And that says something about which forms of artificial intelligence are real, and which bits are driven by hype.Meta Platforms, which also owns WhatsApp and Instagram, reported quarterly revenue of $US34.15 billion, up 23 per cent over last year. Its net income was $US11 billion or $US4.39 a share, up more than 160 per cent over last year, when its workforce was bloated.
for Meta’s lobbying and public image, allowing it to present itself as a comparatively responsible corporate citizen. As it apes TikTok’s features, that distinction could start to look like splitting hairs.Meta’s Reality Labs division, which makes its virtual and augmented reality goggles, lost $US3.7 billion last quarter. Zuckerberg’s original pitch for the division was that it would build the Metaverse, something he was so enthused about that he renamed his company.