SAN FRANCISCO -- Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain.""They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now."
Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor."Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet.
In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas.The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race.
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