r/technology reacts to the Twitter-Elon Musk situation very well AND mature 
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Elon Musk hs asked engineers from Tesl, $TSLA, to meet with product leaders at Twitter, $TWTR, to review code.
— unusual_whales (@unusual_whales) October 27, 2022
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Elon Musk texts Parag Agrawal
— Internal Tech Emails (@TechEmails) October 28, 2022
April 7, 2022 pic.twitter.com/24Nz3aRmR8
Orange Site:
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reeeeeeeeeeeeeee
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Investors wiped more than $65 billion from Meta’s market capitalization on Wednesday after the Facebook owner reported another quarter of declining revenues and failed to convince investors that big bets on the metaverse and artificial intelligence were paying off.
Shares in Meta dropped 19 percent in after-hours trading as the world’s largest social media platform joined other Big Tech groups in warning that an economic slowdown was hammering its advertising businesses as brands spend less on marketing.
On top of the wider macroeconomic woes, Meta faces a confluence of challenges, including rising competition for its Instagram platform from rivals such as short-form video app TikTok and difficulties in targeting and measuring advertising because of Apple’s privacy policy changes.
The company said it expected revenue in the current quarter to be in the range of $30 billion to $32.5 billion, compared with analysts’ expectations of $32.2 billion.
Net income in the third quarter fell 52 percent to $4.4 billion, below consensus estimates for $5 billion, according to S&P Capital IQ. Meanwhile, revenues fell 4 percent to $27.71 billion, the slowest pace of growth since going public in 2012, after a 1 percent decline last quarter. That was slightly better than analysts’ estimates for a 5 percent drop.
Mark Zuckerberg, Meta founder and chief executive, warned the company faced “near-term challenges on revenue” but said “the fundamentals are there for a return to stronger revenue growth.”
On a call with analysts, he doubled down on his biggest bets including developing a short-form video format to rival TikTok, business messaging, and the metaverse. He tried to reassure investors that investments in these areas would pay off in the long term.
“I appreciate the patience and I think that those who are patient and invest with us will end up being rewarded,” he said, arguing that the company was doing “leading work” on the metaverse that would be “of historical importance.”
Meta’s disappointing earnings came amid a broader sell-off of Big Tech stocks. Shares of Google parent Alphabet fell more than 9 percent on Wednesday after it reported an unexpectedly severe slowdown in its core search ads business, while Snap’s stock plunged last week after it posted its slowest pace of growth since going public in 2017.
Meta, which expanded headcount rapidly during the pandemic, has faced investor scrutiny for spending heavily on Zuckerberg’s vision of building a digital avatar-filled world known as the metaverse. Like other virtual and augmented reality projects Meta is working on, this is not expected to generate returns for many years.
Revenues from Reality Labs, its metaverse unit, nearly halved in the third quarter to $285 million, while losses were $3.7 billion compared with $2.6 billion a year ago. The company said it expected operating losses in the unit to “grow significantly year-over-year” in 2023.
“Meta is on shaky legs when it comes to the current state of its business,” said Debra Aho Williamson, an analyst at Insider Intelligence. “Zuckerberg’s decision to focus his company on the future promise of the metaverse took his attention away from the unfortunate realities of today.”
The company estimated 2022 total expenses would be in the range of $85 billion to $87 billion, narrowing from its prior outlook of $85 billion to $88 billion. However, it anticipated 2023 expenses in the range of $96 billion to $101 billion despite recently seeking to cut costs and freeze most hiring.
The company said it was “making significant changes across the board to operate more efficiently” and had “increased scrutiny on all areas of operating expenses.”
But it warned “these moves… will take time to play out” and that some attempts to find savings, like shrinking its office space as more employees work from home, would result in “incremental costs in the near term.”
Zuckerberg told analysts that investment in its artificial intelligence capabilities contributed to a surge in capital expenditure but that the technology would help boost views of its short-form video format.
Analysts also raised concerns about mounting expenses. “Summing up how investors are feeling right now is that there are just too many experimental bets versus proven bets on the core,” said Brent Thill, an analyst at Jefferies.
Pakistan's top startup shutting down following funding crunch - 4
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Pakis stay losing
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Orange Site:
Exclusive: Tesla faces U.S. criminal probe over self-driving claims - 6
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Remember the draconian clause PayPal added to its TOS a couple of weeks ago that would enable them to steal $2,500 from your account every time you post anything they don't like? Well, after the widespread criticism died down, they put it right back in.https://t.co/QwUsB56p0L
— Jeremy Knauff (@jeremyknauff) October 25, 2022
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The web2 robux shit we have going on (and brag about for some reason) is getting totally mogged by reddit's tech adoption.
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Orange site: https://news.ycombinator.com/item?id=33346888
Google CEO Sundar Pichai has been on a belt-tightening mission at Google over the past three months, so it seems he saw this coming: Parent company Alphabet's latest earnings are kind of a disaster. The company's Q3 2022 earnings were released last night, and they show a 27 percent drop in profits compared to last year, with weaker-than-expected earnings and revenue.
Revenue was up 6 percent year over year to $69.1 billion, a sharp growth decline from 2021 Q3, which saw 41 percent growth. Profits were at $13.9 billion, down from $18.9 billion in Q3 2021. As usual, Alphabet earnings are mostly about Google ad revenue and click-through rates, with the company citing reduced spending from the "insurance, loan, mortgage, and crypto subcategories" in particular. Worries about the economy and inflation are causing many Google customers to cut their ad budgets.
Alphabet doesn't break down the non-ads business in much detail, but the two biggest money losers on Alphabet's reports are the "Other Bets" section and Google Cloud. Other Bets lost $1.6 billion, more than the $1.29 billion loss a year ago. "Other Bets" is the "non-Google" part of Alphabet and includes long-term R&D projects like Waymo self-driving cars and the "Wing" drone delivery project. Google says the only significant revenue generators for Other Bets are the "health technology" projects---that would be Verily and/or Calico---and "Internet services," aka Google Fiber.
The other big loser is Google Cloud, which lost $699 million this quarter, up from $644 million in Q3 2021. "Google Cloud" on the earnings report combines the Amazon Web Services-fighting infrastructure business and Google Workspace's suite of productivity apps like Gmail and Google Docs. Workspace definitely earns money by showing ads to its 3 billion users, charging for user storage, and charging businesses for Gmail accounts with custom domains. The infrastructure business---Google Cloud Platform---is growing, but it's still struggling as the No. 3 cloud provider behind Amazon and Microsoft. Google is taking a "longer-term path to profitability" with Cloud Platform.
Google CEO Sundar Pichai has been on a belt-tightening mission at Google over the past three months, so it seems he saw this coming: Parent company Alphabet's latest earnings are kind of a disaster. The company's Q3 2022 earnings were released last night, and they show a 27 percent drop in profits compared to last year, with weaker-than-expected earnings and revenue.
Sundar Pichai has been gearing up for this report all quarter. Saying that Google's productivity is "not where it needs to be," Pichai has slowed hiring since August, revamped the employee evaluation process, and said the company should be "more mission-focused" and "20 percent more efficient."
The Google Grim Reaper got a workout, too; Google Hardware's laptop division was shut down, the experimental "Area 120" group was forced to ax half its projects, the Project Loon leftovers were spun out into a separate company, and Google Stadia was shut down. YouTube has been trying (and canceling) a series of revenue-boosting experiments like adding up to 10 unskippable pre-roll ads to videos and charging for 4K resolution, but it seems like the change that will stick is a 27 percent price hike for YouTube Premium family plans. The latest rumor is that Google Assistant---which doesn't generate significant revenue---will have to cut support for various hardware platforms.
Google has hope for the future, though, with the company's financial executives repeatedly highlighting the plan to roll out ads to "YouTube Shorts" later this year. For the first time in a while, YouTube is facing serious competition from a rival video site---TikTok---and YouTube Shorts is a straight-up clone of that service. The plan to monetize Shorts also includes creator ad revenue sharing in 2023, at which point the bite-sized YouTube video site will be fully operational.
Revenue was up 6 percent year over year to $69.1 billion, a sharp growth decline from 2021 Q3, which saw 41 percent growth. Profits were at $13.9 billion, down from $18.9 billion in Q3 2021. As usual, Alphabet earnings are mostly about Google ad revenue and click-through rates, with the company citing reduced spending from the "insurance, loan, mortgage, and crypto subcategories" in particular. Worries about the economy and inflation are causing many Google customers to cut their ad budgets.
Alphabet doesn't break down the non-ads business in much detail, but the two biggest money losers on Alphabet's reports are the "Other Bets" section and Google Cloud. Other Bets lost $1.6 billion, more than the $1.29 billion loss a year ago. "Other Bets" is the "non-Google" part of Alphabet and includes long-term R&D projects like Waymo self-driving cars and the "Wing" drone delivery project. Google says the only significant revenue generators for Other Bets are the "health technology" projects---that would be Verily and/or Calico---and "Internet services," aka Google Fiber.
The other big loser is Google Cloud, which lost $699 million this quarter, up from $644 million in Q3 2021. "Google Cloud" on the earnings report combines the Amazon Web Services-fighting infrastructure business and Google Workspace's suite of productivity apps like Gmail and Google Docs. Workspace definitely earns money by showing ads to its 3 billion users, charging for user storage, and charging businesses for Gmail accounts with custom domains. The infrastructure business---Google Cloud Platform---is growing, but it's still struggling as the No. 3 cloud provider behind Amazon and Microsoft. Google is taking a "longer-term path to profitability" with Cloud Platform.
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If it's not reddit where else could it be? Not many companies IPO'ing in this economy, especially in silicon valley.
EDIT: Could be Groomercord!!
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Someone answer this chud why
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