:Meta Platforms on Wednesday reported a quick rise in advertising revenue, topping Wall Street financial targets for the second quarter and forecasting third-quarter revenue above market expectations.The results from Meta come a day after a strong performance from Alphabet's Google and make the case that cons
:Meta Platforms on Wednesday reported a quick rise in advertising revenue, topping Wall Street financial targets for the second quarter and forecasting third-quarter revenue above market expectations.
Meta second-quarter revenue grew 11 per cent to $32 billion in the quarter ended June 30, compared with analysts' average estimate of $31.12 billion. Brands are hedging their bets, however, and sticking with tried and true platforms. That helps Meta and Alphabet while punishing smaller players like Snap, which reported disappointing sales on Tuesday.
The unit lost $3.7 billion in the second quarter, putting it on track to have far higher costs than the $5 billion annual target set out in a widely circulated investor note in the fall.Meta said it expected Reality Labs operating losses to"increase meaningfully" in 2024 as the company continued to invest in augmented and virtual reality and"scale our ecosystem." Zuckerberg had previously said Meta would"pace" investments in the division after 2023.
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Australia fines Facebook owner Meta $17.9m for undisclosed data collectionMeta still faces a civil court action over its dealings with Cambridge Analytica in Australia. Read more at straitstimes.com.
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Australia fines Facebook owner Meta $17.9m for undisclosed data collectionSYDNEY - An Australian court ordered Facebook owner Meta Platforms to pay fines totalling A$20 million (S$17.93 million) for collecting user data through a smartphone application advertised as a way to protect privacy without disclosing its actions. Australia’s Federal...
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