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News on Medial
Meta's profit rises 35%, even as spending spree continues
Economic Times
·
9m ago
Medial
Meta, formerly known as Facebook, has reported double-digit revenue and profit growth in the third quarter, driven by advancements in its advertising and AI systems. The company's revenue increased by 19% to $40.6 billion, while profit rose by 35% to $15.7 billion. However, Meta also announced that it would continue its significant spending spree, with expenses amounting to $23.2 billion and capital expenditures of $9.2 billion in Q3. The company plans to increase its annual spending forecast to $38 billion to $40 billion. Despite the positive results, Meta's shares fell in after-hours trading.
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Related News
Big American tech profits from Chinese ad spending spree
Economic Times
·
1y ago
Medial
Chinese startups are spending billions of dollars on advertising with Silicon Valley's biggest technology companies to establish a presence in the West. Temu, the international arm of Pinduoduo, and fast-fashion merchant Shein are flooding Google and Instagram with ads for low-cost products. Chinese video streaming and gaming apps are also investing heavily in marketing on Facebook, X, and YouTube. Chinese-based advertisers now account for 10% of Meta's revenue. This surge in spending highlights the interconnectedness between China and the US and the global ambitions of Chinese startups. However, advertising costs have been driven up significantly, impacting companies like Etsy. Despite these efforts, success in the Western market is not guaranteed, as seen with previous examples like Wish. Additionally, Chinese short-form content providers are competing to export addictive dramas to platforms like Instagram, requiring a steady stream of users to sustain revenue. Overall, Chinese companies are leveraging the reach of Silicon Valley platforms to access global audiences, while these platforms make money from markets they cannot tap into in China.
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Zepto’s cash burn rises to ₹250 cr/month, 6x more than May: Report
Money Control
·
8m ago
Medial
Zepto’s cash burn has risen over six fold to over ₹250 crore/month in the last two months as the startup amps up investments in operations, marketing and hiring, Moneycontrol reported. CEO Aadit Palicha confirmed the rise but not the exact figure. Zepto's monthly cash burn was averaging at ₹35-40 crore in May. It's spending nearly ₹120 crore/month on digital marketing.
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Meta's year of bold 'superintelligence' bets unlikely to pump profits - The Economic Times
Economic Times
·
10d ago
Medial
Meta faces pressure as it pursues advanced AI investments under CEO Mark Zuckerberg amidst slow profit growth. The company's spending on AI research, including talent acquisition, is rising, putting additional strain on financial returns. Despite supporting Meta's AI drive, investors remain cautious about increased capital expenditures and competition from rivals like OpenAI and Alphabet. Challenges in the advertising market and intense competition from platforms like TikTok further complicate Meta's ambitious superintelligence goals.
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Inside Mark Zuckerberg’s AI hiring spree
The Verge
·
1m ago
Medial
Meta CEO Mark Zuckerberg is aggressively hiring top AI talent to form a new "superintelligence" AI lab aimed at revitalizing Llama, Meta's AI initiative. Zuckerberg personally contacts potential recruits, emphasizing the opportunity to make significant impacts with substantial backing from Meta's resources. The initiative involves offering lucrative compensation packages, sometimes reaching eight figures, and involves high-profile hires like Scale AI CEO Alexandr Wang, illustrating the competitive nature of acquiring elite AI researchers.
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US tech titan earnings rise on AI as economy roils - The Economic Times
Economic Times
·
7d ago
Medial
Tech giants Amazon, Apple, Meta, and Microsoft surpassed earnings expectations this quarter, driven by robust AI investments. Microsoft reached a $4 trillion valuation, while Amazon reported a 35% profit increase. Cloud and AI developments propelled Microsoft's Azure growth. Meta's revenue jumped 22%, focusing on AI superintelligence. Apple's earnings were boosted by iPhone sales despite US tariffs. These companies are heavily investing in AI, viewing it as pivotal for business transformation and future growth.
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Meta to spend up to $72B on AI infrastructure in 2025 as compute arms race escalates | TechCrunch
TechCrunch
·
8d ago
Medial
Meta plans to significantly boost spending on AI infrastructure, forecasting $66-72 billion in capital expenditures for 2025, a $30 billion increase from the previous year. This investment aims to develop industry-leading AI models and experiences. Meta will finance most endeavors independently but is exploring external financing for data centers. The company's AI infrastructure initiatives, which include several large clusters, have raised concerns about local resource impacts, while Meta's AI-driven advertising success continues to support revenue growth.
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BYJU’s Acquisition Spree: A Costly, Deadly Gamble
Inc42
·
1y ago
Medial
BYJU'S, the edtech giant in India, experienced a significant loss of INR 8,500 Cr in FY22 due to its aggressive expansion and acquisition spree. In the span of five years, BYJU'S acquired 17 companies, spending around $3 Bn, most of which were loss-making. The hasty approach to mergers and lack of alignment with the company's culture and business models resulted in financial strain and the need to lay off employees. Furthermore, inadequate disclosures and financial reporting failures masked the true extent of losses. The failed acquisitions serve as a cautionary tale for startups, highlighting the importance of careful due diligence and sustainable growth strategies.
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Meta says it will continue spending, as growth surges
Economic Times
·
1y ago
Medial
Meta (formerly Facebook) has continued to heavily invest in artificial intelligence (AI) technologies, spending $8.5 billion in Q2 on AI infrastructure, metaverse development, and other expenses. The company raised its spending forecast for the year to $37 billion to $40 billion. Despite the lack of immediate profits, Meta remains committed to building the best consumer and advertising experiences. The company reported Q2 revenue of $39.1 billion, up 22% YoY, with a profit of $13.5 billion, up 73% YoY. Meta's ad business also showed strength, with revenue expectations for Q3 above Wall Street estimates.
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Meta's Threads App Unveils New Features Including Liked Posts Viewer and Media Upload Quality
Startup News FYI
·
2y ago
Medial
Meta's Threads app has introduced new features, including a "Liked Posts" viewer and improved media upload quality. The app, which is part of Meta's suite of social media platforms, aims to enhance the user experience by offering these enhancements. The updates come as Meta continues to develop and refine its various products and services.
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Fairfax harvests more money from India portfolio as exit spree extends
VCCircle
·
1y ago
Medial
Fairfax, headed by Indian-born Canadian billionaire Prem Watsa, has partially exited its India portfolio company as it continues to withdraw investments from the country. The investment firm, Fairfax Financial Holdings Ltd, has been reducing its exposure to India, where it hasn't made any new investments in almost two years. This move is in line with Fairfax's exit spree in India to harvest more funds from its portfolio.
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