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In the past year, Meta has undergone significant transformations, particularly in its approach to workforce management. Meta’s decisions regarding layoffs have not only attracted attention but have had a substantial impact on the company’s financial performance. Meta incurred staggering losses totaling $16 billion, primarily attributed to its Metaverse endeavors, mainly its Reality Labs division responsible for Oculus goggles. This marked a significant increase from the previous year’s loss of $13.7 billion, with Meta reporting a loss of $4.6 billion in the final quarter of 2023. Meta’s Stock Surge And Improved Margins Despite these substantial deficits, Meta’s stock surged by 12% following recent updates, largely due to the company’s improved margins. Meta’s revenue increased by 16%, while operating income and profits surged by 62% and 69%, respectively. CEO Mark Zuckerberg has assured investors of further losses in the future due to ongoing investments in augmented reality/...
Boosted by technology, Meta is highlighting Black creators and leaders to build a more equitable future for underrepresented communities. This is all made possible by the Metaverse Culture Series. As AfroTech previously told you, the initiative is a part of a year-long commitment to work directly with Black creators and leaders to build inclusivity in the tech space by ensuring their perspectives are present.
TikTok has a new creative addition on its hands that’s looking to take creators’ content to the next level. TechCrunch reports that the company has launched Effect House — its own augmented reality (AR) development platform. TikTokers will now have access to AR effects within the video app to grow their reach and level of creativity. While already known for its extensive library of effects, the launch allows for creators to build their own effects, according to the outlet. The new expansion further tightens its competition against Snap and Meta. “Effect House brings your storytelling to life through powerful, intuitive, and expressive features,” its website describes. “Our built-in capabilities — from advanced tracking to rich interactions — enable you to experiment, create, preview, publish and manage all your effects on TikTok.” Effect House has been in close beta since its creation in 2021. Now, after it’s officially gone public, TikTok is opening up beta access from its initial...
In today’s day and age of social media, simply tagging someone in a post could potentially change the course of their careers. With viral sensations and challenges ruling over our timelines, it’s also become a trend for Black creators to not receive proper recognition as the originators for the majority of what blows up online. Meta’s Alexis Michelle Adjei, Cameryn Boyd, and Alexandra Zaoui made the active choice to step in and help the underrepresented group get their due credit. “I feel like it was every day on these different platforms overall — on Instagram, of course — of seeing dances, designs, and songs, and [Black creators] would make these amazing viral trends,” Adjei shared with AfroTech. “It was beautiful to see everybody do their own takes on it, but when you went back to look at the originator they were often Black and brown folk who were really being the trendsetters. And they were getting lost in the story. When it would come to what would be displayed or what would...