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FTC Sues to Block Meta’s Bid to Buy Virtual Reality Firm

Meta’s strategy of acquiring competitors in fledgling industries is drawing more attention from antitrust enforcers. In a lawsuit filed on Wednesday, the Federal Trade Commission sued to block Meta, formerly known as Facebook, from buying game developer Within in a bid to limit the company’s reach in the virtual reality market. The complaint advances relatively […]

Mark Zuckerberg: “Many Teams Are Going to Shrink” at Meta Amid Revenue Decline

Meta, the parent company of Facebook and Instagram, reported $28.8 billion in second-quarter revenue, falling within its projections of reaching $28 billion–$30 billion for the quarter but representing a roughly 1 percent decline in revenue year over year. The company also saw net income fall by 36 percent, landing at $6.7 billion for the second […]

Snap Shares Tank as Market Fears Drag on Social Media Ads

Shares of Snap continued to plummet Friday, following analyst downgrades after the company missed lowered earnings expectations and warned of a tough macroeconomic environment.  More worrying still was the fact that the company did not issue future guidance after having revised expectations for the second quarter. This caused concern about the overall impact on the […]

Tech Giants Lower Expectations Amid Ad Market Roller-Coaster

Mark Zuckerberg came with bad news. In a meeting with employees in July, the Meta CEO, who has turned his company’s focus, and investments, toward the metaverse, told staff to prepare for one of the “worst downturns that we’ve seen in recent history,” as Reuters reported. Employees used to bountiful resources would need to work […]

Jordan Peele’s ‘Nope,’ ‘Get Out’ and ‘Us’ Featured in New VR Experience From Meta, Horizon Worlds

The Jordan Peele universe is expanding — into virtual reality. Peele’s Monkeypaw Productions has teamed with Meta and Horizon Worlds to offer a new experience in the free virtual reality video game for Quest 2 headsets. The multi-world VR experience, debuting today after being in the works for two months, opens with Monkeypaw Productions: All […]

Meta Plans for Larger VidCon Presence Amid Growing Competition

As VidCon makes its in-person return to the Anaheim Convention Center later this month, Instagram parent company Meta is planning to have a sizable presence at the conference with multiple lounges, parties and panel sessions that will promote its Reels and AR/VR product offerings to content creators. At the conference, Meta is hosting five sessions […]

Sheryl Sandberg to Step Down as Meta COO This Fall After 14-Year Run

Sheryl Sandberg is stepping down as Meta’s chief operating officer this fall after a 14-year career at the company, the executive said Wednesday. Sandberg, who will continue to serve on Meta’s board of directors, will be succeeded by Meta’s chief growth officer, Javier Olivan, according to Meta CEO Mark Zuckerberg. “When I took this job […]

What Snap’s Revenue Warning May Mean for Media Companies and Advertising

With Snap surprising Wall Street with a second-quarter revenue warning on Monday, noting that “the macroeconomic environment has deteriorated further and faster than anticipated” since its last earnings update, some media analysts are assessing the potential advertising impact on other sector players. Wells Fargo’s Steven Cahall in a Tuesday report offered up “helpful quick data […]

Cannes Diary: The Content Creators Have Conquered the Croisette

On a sun-drenched patio along the Croisette, a TV crew is interviewing Khaby Lame while more reporters wait for his time in an adjoining suite. After an appearance two nights before on the Top Gun: Maverick red carpet, Lame has just been named one of the best dressed men of the festival by GQ France while wearing a suit made […]

Meta Hits $27.9B in Revenue, But Growth Keeps Slowing

Meta Platforms Inc. reported $27.9 billion in revenue for the first quarter, falling within the low end of its $27–$29 billion revenue projections, and saw a 21 percent year-over-year drop in net income as growth has continued to slow into the new year. Meta’s “family of apps,” which includes Facebook, Instagram, Messenger and WhatsApp, accounted […]

TikTok “Deeply Concerned” by Facebook’s Paid Campaign to Promote Negative Coverage of Social App

TikTok said Wednesday it was “deeply concerned” by a campaign paid for by Meta, the parent company of Facebook, to promote negative coverage of the shortform social platform in local media coverage. As reported by The Washington Post, Meta has paid a “right of center” marketing firm, Targeted Victory, to lead a campaign that has […]

Europe Takes Aim at Big Tech With Digital Markets Act

The European Union has done it again. Three years after a European privacy law forced big tech to overhaul how they deal with user data, European legislators have agreed on new sweeping legislation to rein in the market power of tech giants like Google, Amazon, Facebook, Apple and Microsoft. Europe’s antitrust chief Margrethe Vestager on […]