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How Meta's Recent Layoffs Made A Big Impact On Profits

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/...

Corinne Dorsey

Feb 16, 2024

Step Into The Metaverse: What It Means To Be An Engineer Behind One Of The World’s Most Innovative Brands

Whether you’re using WhatsApp to communicate with friends and family across oceans and time zones, or finding all types of entertainment and inspiration on Reels, chances are Meta touches your life on a daily basis. Many of us have had a front row seat to the evolution of this brand, from the days when your Facebook page had to be linked to a college email address, to the futuristic capabilities of the new Meta Quest 3 VR headset. Behind the tech giant that has come to permeate our lives are diverse tech creatives who have built an amazing ecosystem that equally pulls from their similarities and their differences. We recently caught up with Cyriel Dikoume, an Engineering Manager at the company, to find out more about what it’s like to be part of the team responsible for the wide range of innovation that has happened at Meta in even just the last two years. “It’s kind of like our apps: connecting people is what we do best,” Dikoume told AfroTech. “The essence of connection and...

Tai Saint-Louis

Dec 18, 2023

More Than Half Of The States In The US File A Lawsuit Against Meta For Allegedly Using Features To Get Youth Hooked On Its Social Platforms

More than half of the states that make up America have filed legal action against Mark Zuckerberg’s Meta on claims that the company used features via both Instagram and Facebook to not only keep children engaged but reportedly get them addicted to its platforms.

Shanique Yates

Oct 25, 2023

Snoop Dogg Joins Others Who Have Reportedly Secured Licensing Deals Of Up To $5M For Their Likeness On Meta AI

As trends continue to arise in tech, Snoop Dogg doesn’t seem to miss a beat.

Ngozi Nwanji

Oct 9, 2023

Meta Turns Snoop Dogg, Dwyane Wade, Chris Paul, And More Into Robots

It is now possible to chat with Snoop Dogg, Dwyane Wade, and Chris Paul whenever you want — or at least sort of.

Samantha Dorisca

Sep 29, 2023

If You're An Instagram User, Here's One Thing You Should Know Before Making Your Threads Profile

There’s a new social media platform in town — and it’s called Threads.  

Shanique Yates

Jul 6, 2023

Garcelle Beauvais' RHOBH Co-Star To Subpoena Meta To Identify The Person Behind The Racist Attack On Beauvais' Son

One of Garcelle Beauvais’ reality TV castmates is joining in on an ongoing investigation.

Ngozi Nwanji

Sep 22, 2022

A Progressive Journey: An Inside Look At How Meta Is On A Mission To Advance Equity And Create A Diverse Work Culture

For decades, America has dealt with the horror of systems that plague the progression of certain groups. No matter the issue, there has been little shortage in the struggle to fight for diversity, equity, and inclusion (DEI) across a spectrum of sectors. Like any system riddled with backward thinking, the people impacted the most grow tired of the struggle and gain the strength to fight for what is owed to them. From slave revolts to the Civil Rights Movement to Women’s suffrage to the Stonewall Uprising — when people have had enough, they come together to demand change. Although the systemic oppressive nature of America has not been alleviated, the work of those who fight to dismantle said systems has caught the attention of certain politicians, policymakers, and companies. While some are just catching on, many have been side by side in the fight, creating space for equality to ring free. Although Meta doesn’t claim to get it all right, the tech giant is working to create a culture...

Josh Rodgers

Aug 22, 2022

Meta's AI Chatbot BlenderBot 3 Had A Word For Mark Zuckerberg — 'His Company Exploits People For Money And He Doesn't Care'

Meta is facing the infamous situation of “It be your own people.” Well, rather in this case your own technology. BBC reports that BlenderBot 3 — the company’s prototype chatbot that uses artificial intelligence to speak on most topics — said what it had to say about CEO and founder Mark Zuckerberg. “He did a terrible job at testifying before congress. It makes me concerned about our country,” the chatbot said, according to the outlet. It added: “Our country is divided and he didn’t help at all. I’m concerned for us all.” The chatbot was referring to Zuckerberg’s multiple appearances since 2018 before Congress stemming from Facebook’s involvement with Cambridge Analytica during the 2016 election cycle. “Mark Zuckerberg ought to be looking at himself in the mirror today, and yet, rather than taking responsibility and showing leadership, Mr. Zuckerberg is going sailing,” said Sen. Richard Blumenthal, D-Conn., chair of the subcommittee, during a hearing with Facebook whistleblower...

Ngozi Nwanji

Aug 18, 2022

Keke Palmer Adds Yet Another Gig To Her Resume As The Host Of Meta's New Metaverse Series

“Baby, THIS, is Keke Palmer.” Earlier this week, the actress had to make it clear that she is that girl . After a tweet comparing her career in Hollywood to Zendaya’s went viral, the 28-year-old hit send on a tweet of her own in response, as previously reported by Shadow and Act. “A great example of colorism is to believe I can be compared to anyone. I’m the youngest talk show host ever. The first Black woman to star in her own show on Nickelodeon, & the youngest & first Black Cinderella on broadway. I’m an incomparable talent,” Palmer tweeted. A great example of colorism is to believe I can be compared to anyone. I’m the youngest talk show host ever. The first Black woman to star in her own show on Nickelodeon, & the youngest & first Black Cinderella on broadway. I’m an incomparable talent. Baby, THIS, is Keke Palmer. — Keke Palmer (@KekePalmer) July 24, 2022 Now, the star has added yet another hosting gig to her lengthy resume!

Ngozi Nwanji

Jul 26, 2022

Facebook's New Music Licensing Feature Equips Creators With A 20 Percent Revenue Share

Facebook has officially changed the game for musicians. The leading social media network has announced its first-of-its-kind music licensing feature, which allows creatives to cash in when their music is used across the platform. According to a blog post, the Music Revenue Sharing feature will equip eligible creators with a 20 percent revenue share when their licensed music is used across videos that meet the criteria on the application. While the Meta company has not yet clarified the amount that the company will receive from the licensed catalogs, they did reveal that the “expansive licensed catalog” is filled with music from various artists. This function is currently available within the U.S. market, thanks to a program developed by Meta called Rights Manager. This video, audio, and image-matching software is designed to help creators maintain their rights , while also helping them to manage their content at scale. Furthermore, the feature was created with the help of the...

Shanique Yates

Jul 26, 2022

Meta Launches Jordan Peele's Upcoming Film 'NOPE' Into A One-Of-A-Kind VR Experience

Jordan Peele’s “NOPE,” one of this summer’s biggest movies starring Daniel Kaluuya and Keke Palmer, is on its way to the big screen. Ahead of its theaters’ premiere on July 22, Monkeypaw Productions — founded by the director and producer — and Meta have collaborated to take viewers inside of the upcoming horror film.

Ngozi Nwanji

Jul 13, 2022

Here's How Meta Provided The Muslim Community A Platform To Tell Their Stories With The Help Of Technology

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.

Samantha Dorisca

May 20, 2022

If You're In These Two States, You Can No Longer Use Augmented Reality Filters On Instagram

With the debate on filters being a harmful tool or not, Texas has enacted a change that establishes its stance on the matter. CBS 19 reports that the city’s Attorney General sued Meta — Instagram’s parent company — in February for its “misuse of their facial recognition technology.” On May 11, as a result, Texas fans of Instagram’s filters are no longer able to use a handful of its selection. While many use filters with no foul intent, it appears that they go against the Texas Capture or Use of Biometric Identifier Act — facial recognition laws which were emplaced to keep social media companies like Meta from tagging users without consent. According to the outlet, a similar move was made in Illinois based on its Illinois Biometric Information Privacy Act. “The technology we use to power augmented reality effects like avatars and filters is not facial recognition or any technology covered by the Texas and Illinois laws, and is not used to identify anyone,” the Communications team at...

Ngozi Nwanji

May 11, 2022

Meta's Horizon Worlds To Test New Tools For Creators To Make Income In The Metaverse

Meta’s Horizon Worlds is expanding by helping its users make an income in the metaverse. The company has started testing two ways for creators to monetize being on its social VR platform, according to Adweek. On April 11, it was announced that a “handful” of creators would test the ability to craft and sell virtual items and effects. “The metaverse—by nature of its not being limited by physical space—will bring a new level of creativity and open up new opportunities for the next generation of creators and businesses to pursue their passions and create livelihoods,” Meta said via a blog post, according to Adweek. ” Creators and entrepreneurs will have more freedom to find a business model that works for them. So, we’re excited to take this step today and expand further on the $10 million Horizon Creators Fund we announced last October, which we’ve been using to provide resources to Horizon Worlds creators. We’ll continue to work with our creator community and test and learn.” As of...

Ngozi Nwanji

Apr 12, 2022