- Crude stable after Israel-Iran surge, Hong Kong stocks resume gains
- Hera spacecraft to probe asteroid deflected by defence test
- US dockworkers to head back to work after tentative deal
- After Helene's destruction, North Carolina starts to rebuild
- Dockers end three-day strike at Montreal port
- What next for OpenAI after $157 billion bonanza?
- Israel-Hamas war causes 86-percent dive in Gaza GDP: IMF
- Milan's Morata moves house after Inter-fan town mayor 'violates' privacy
- 'Devastating' storm hits Augusta National but Masters will go on
- Relief in Brazil, Asia over delay to EU deforestation rules
- Oil prices jump, stocks fall on Middle East tensions
- Biden says 'discussing' possible Israeli strikes on Iran oil facilities
- Oil prices rise, stocks fall on Middle East tensions
- Oil rallies, stocks mostly retreat on Middle East tensions
- Phasing out teen smoking could save 1.2 mn lives: study
- 'Welcome relief': Asia producers hail EU deforestation law delay
- Japan PM slated to announce plans for 'happiness index'
- Turkish inflation falls less than expected in September at 49.4%
- Easing inflation lifts profit at UK supermarket Tesco
- Skiing calls on UN climate science to combat melting future
- China wine industry looks to breed climate resilience
- Tokyo rallies on weak yen, Hong Kong drops after surge
- Dutch airline KLM unveils 'firm' cost-cutting measures
- Carpe diem: the Costa Rican women turning fish into fashion
- Senegal looks to aquaculture as fish stocks dwindle
- Will AI one day win a Nobel Prize?
- Climate change, economics muddy West's drive to curb Chinese EVs
- Argentina's Milei vetoes university budget after huge protests
- TotalEnergies plans to grow oil and gas production until 2030
- 2024 Nobels offer glimmer of hope as global crises mount
- Tokyo rallies on weak yen, Hong Kong reverses after surge
- Tunisia readies for vote as incumbent Saied eyes victory
- High childcare costs in US weigh on women's employment
- US voters seek help with crushing childcare costs
- Taiwan shuts down for second day as Typhoon Krathon to land
- Supercharged storms: how climate change amplifies cyclones
- Biden official urges talks as US port strike enters second day
- Huge protests in Argentina over public university cuts
- Rally in oil prices loses steam on mixed day for global stocks
- South America treated to rare 'ring of fire' eclipse
- Biden official says port strike deal not as far as parties think
- Mexico's new president offers apology for 1968 student massacre
- Historic funding round values OpenAI at $157 billion
- Mixed US car sales in Q3 as industry hopes for post-election bounce
- Thunderstorms are a 'boiling pot' of gamma rays, scientists find
- Scientists unlock secret of 'Girl With Pearl Earring'
- Dolphins flash friendly grins when they're ready to play
- Facing backlash, EU moves to delay deforestation rules
- US private sector adds more jobs than expected in September: ADP
- Boys out of critical condition after Zurich stabbings
SCS | -1.98% | 12.62 | $ | |
BCC | -0.9% | 138.29 | $ | |
RBGPF | 100% | 58.93 | $ | |
GSK | -2.81% | 38.37 | $ | |
RIO | -1.42% | 69.83 | $ | |
JRI | -0.6% | 13.3 | $ | |
RELX | -1.46% | 46.61 | $ | |
CMSD | -0.16% | 24.89 | $ | |
CMSC | -0.16% | 24.74 | $ | |
NGG | -2.7% | 66.97 | $ | |
VOD | -0.52% | 9.69 | $ | |
RYCEF | 1.15% | 6.98 | $ | |
BCE | -1.77% | 33.84 | $ | |
AZN | -2.12% | 77.93 | $ | |
BTI | -2.45% | 35.11 | $ | |
BP | 0.28% | 32.46 | $ |
Facebook's Meta reports first ever revenue drop
Facebook-parent Meta on Wednesday reported that its quarterly revenue dropped year-over-year for the first time ever, as its profit plunged by more than a third.
The bad news reflects a troubled landscape for the social media powerhouse, which is battling the rising phenomenon of TikTok and a turbulent global economy.
Meta said that revenue in the recently ended quarter ebbed a percent to $28.8 billion when compared to the same period a year ago, missing market expectations.
"We're putting increased energy and focus around our key company priorities that unlock both near and long term opportunities for Meta and the people and businesses that use our services," CEO Mark Zuckerberg said in an earnings release.
It was the first such slip for the company since the firm, then known simply as Facebook, went public in 2012, said Wedbush analyst Dan Ives.
"The year-over-year drop in quarterly revenue signifies just how quickly Meta's business has deteriorated," said analyst Debra Aho Williamson.
"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 users, defying analysts' fears.
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.
Meta has made it a focus to build its metaverse vision for the internet's future, betting heavily on the interactive virtual world that the company believes will ensure its powerful position.
"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.'"
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.
Meta has 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.
Meta is already a leading player in the virtual reality market, and Zuckerberg has stressed that the metaverse is key to the company's future.
The Silicon Valley titan years back bought virtual reality gear maker Oculus and studios devoted to apps for use in digital realms.
Y.Tengku--CPN