MINNEAPOLIS--(BUSINESS WIRE)--Oct 24, 2023--

Results from Apple Inc. and Amazon.com Inc. after Thursday’s close represent the next big hurdle for the market’s

Mark Zuckerberg’s big bet on the metaverse has now lost $40 billion – and the company intends to lose even more. The huge figures were revealed as part of Meta’s latest results, which generally showed a strong rise in advertising revenue. But they also showed an increase in expenses at the company, with the development not only of the metaverse but also artificial intelligence and legal fees. Meta has been dramatically cutting costs and laying off staff. But at the same time it has been spending heavily on some projects, such as the metaverse, in the face of criticism from those who suggest that the bet is unlikely to pay off. That work on the metaverse is done by the company’s Reality Labs unit, which is responsible for developing technology like augmented reality glasses. It reported sales of $276 million, down from $452 million in the same quarter last year. 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. The unit has lost more than $40 billion since 2021, including $13.7 billion last year. 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. He told investors he understood why many of them would feel discomfort over such a long-term bet. But the positive results across the company pushed Meta shares up 7.5 per cent. “We continue to see strong engagement across our apps and we have the most exciting roadmap I’ve seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall,” Meta chief executive Mark Zuckerberg said. Meta’s second-quarter revenue grew 11% to $32 billion in the quarter ended June 30, compared with analysts’ average estimate of $31.12 billion. Ad revenue rose 12% in the quarter, faster than growth at Google, where ad revenue rose 3%. Adjusted earnings per share of $2.98 topped Wall Street targets of $2.91, according to data from Refinitiv. The social media giant has been climbing back from a bruising 2022, buoyed by hype around emerging AI technology and an austerity drive in which it has shed around 21,000 employees since last fall. The company’s shares have more than doubled in value this year as a result. Advertisers are reinforcing those gains by pumping money into digital ads again after months of muted spending, heartened by signs that the economy may overcome a bout of high inflation without suffering a major meltdown. 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. Meta’s revenue forecast did not specify whether the figure includes any sales that might come from the recently launched Threads app, which does not yet have ads. Additional reporting by Reuters Read More Elon Musk’s ‘X’ is already trademarked by Mark Zuckerberg How Mark Zuckerberg’s new ChatGPT rival could lead to ‘obscene’ AI Meta unveils its ChatGPT rival Llama Here’s how to claim your share of $725m settlement in Facebook’s privacy lawsuit Elon Musk forces firms to pay X $1,000 to keep gold ticks Slack has stopped working

The powerful sister of North Korean leader Kim Jong Un has alleged that the country’s warplanes repelled a U.S. spy plane that flew over its exclusive economic zone

Former President Donald Trump’s indictment on charges of mishandling classified documents is set to play out in federal court in Florida

Braves Rumors: A Charlie Morton decision is tougher than fans think. Ronald Acuña makes a promise. Michael Soroka is a trade chip.

A Black high school student who was suspended over his loc hairstyle and his mother have sued Texas Gov. Greg Abbott and the state's attorney general for allegedly failing to enforce the state's CROWN Act, a law that protects against hair discrimination.

Kanye West celebrated his 46th birthday over the weekend in a lavish Los Angeles bash, with his daughter North West and reported wife Bianca Censori in attendance. Like most birthday parties, food was in order – but it was the display that soon caught the attention of social media users. In footage shared on Twitter, nude women were seen lying on tables with platters of sushi covering their private areas. "Not creepy at all," one user hit back, while another added: "This feels problematic." Meanwhile, a third suggested it portrayed "misogyny at its finest." The Japanese practice is said to be called nyotaimori, also referred to as 'body sushi'. Nantaimori is the male equivalent. According to sources, some high dining nyotaimori experiences can cost as much as $13,000 (£10,300). Sign up for our free Indy100 weekly newsletter The private party was said to have the likes of Chloe Bailey and Ty Dolla Sign in attendance. West's reported wife was also spotted holding hands with his eldest daughter as they made their way to the event. After months of speculation about the rapper's relationship status with the head of architecture for the Yeezy brand, one content creator sent social media spiralling. In a viral video that circulated on TikTok earlier this year, Censori, 28, appeared to confirm she was married without explicitly naming West. TikTok user Nue filmed himself having a conversation with a "sexy" bleach-blonde woman while out shopping. He wrapped up their encounter by asking for her number, to which she replied: "I’m married!" The woman in question turned out to be Censori, sending viewers into a frenzy. "I think she’s adorable and I’m happy for her and ye," one person wrote about the alleged marriage, while another added: "She honestly seems like a really sweet person." Have your say in our news democracy. Click the upvote icon at the top of the page to help raise this article through the indy100 rankings.

Unlike other cast members, Topher Grace didn't write letters of character for Danny Masterson, and his wife, Ashley, had a different message to share

Eurostar passengers departing from London can avoid one of two manual passport checks through a facial verification system. The launch of the technology at St Pancras station – which also removes the need to scan tickets – is aimed at easing congestion. To participate, passengers must use an app before travel to scan their identity document and verify their face and ticket. At the station they walk in front of a screen and have their face detected. If they are approved they can proceed through doors which open automatically. The SmartCheck system, developed by iProov, is available to Business Premier and Carte Blanche passengers. Users no longer need to have their passports scanned by Eurostar’s UK contractors carrying out exit checks. Bags are still being scanned by security staff and French border officials are continuing to check passports. It emerged earlier this year that Eurostar was being forced to leave hundreds of seats empty on trains to and from London to avoid long queues at stations. The situation has since improved but dozens of seats are not being offered for sale on some services. Enhanced post-Brexit checks carried out by French border officials have significantly increased the time it takes to process passengers at the station. Eurostar chief executive Gwendoline Cazenave said: “Providing a seamless station experience to our customers is a priority for Eurostar. “We continue looking for solutions to increase capacity in stations and simplify the passengers’ flows. “SmartCheck in St Pancras International station is a solution for a faster and seamless check-in experience. “By introducing SmartCheck, we become the first rail travel operator to adopt biometric face verification. “This innovation will enhance our customer departure journey, which is crucial to provide Eurostar’s unique travel experience.” Andrew Bud, chief executive of iProov, said: “The rollout of SmartCheck in Eurostar’s Business Premier check-in at London St Pancras is significant because it clearly demonstrates how facial biometric technology can be used to manage border control in a smarter and more efficient way, to benefit both organisations and passengers at scale. “By creating a biometric corridor, we are moving security checks away from the station, saving precious time and space at the border, streamlining the boarding process to one that’s far faster, more convenient, less crowded and stressful, yet even more secure.” Heathrow Airport began trialling facial biometric scanners in 2019 but the project was dropped when passenger numbers collapsed due to the coronavirus pandemic. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live ‘Hostile states using organised crime gangs as proxies in the UK’ Kim Kardashian, Rylan Clark and Dalai Lama among those joining new app Threads Mastercard helping banks predict scams before money leaves customers’ accounts

Earlier, Andrew Tate had stated he did not believe depression is a clinical disease but a 'choice'

Reigning NBA MVP Joel Embiid has told USA Basketball that he intends to play for them at the Paris Olympics, a person with knowledge of the matter said Thursday