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The Latest Breaking News from Reality Labs

Meta's 'Year of Efficiency' is already starting to pay off

Meta reported its Q1 2023 financial earnings for the January-March period. The company saw more than $28 billion in revenue, following major layoffs and restructuring.

Android Central

Meta employee accuses Mark Zuckerberg of shattering the 'morale and confidence in leadership of many high performers'

Meta’s first set of layoffs came in November 2022. After this week’s cuts, employees took to internal channels to point out the impact on morale.

Fortune

Meta finally realizes the Quest is for gaming, not for the Metaverse

Meta might be laying off more people across the company but its gaming divisions are said to be safe from the turmoil.

Android Central

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Three of Meta’s top execs—including Mark Zuckerberg—are now spending most of their time on A.I.

The company behind Facebook and Instagram has no plans to sign the proposal to temporarily ban the development of advanced A.I., the Reality Labs chief confirmed.

Fortune

Tech companies have been pouring billions into VR tech that teens don't really care about

Only 4% of teens use VR devices daily, according to a new survey, but companies like Facebook parent Meta continue to pump money into the tech.

Fortune

Mark Zuckerberg and Wall Street are finally meeting in the middle on the metaverse

The Meta chief executive satisfied investors Wednesday by pledging to trim costs, but he’s still all-in on Reality Labs.

Fortune

Meta's Reality Labs lost $13.7 billion in 2022—and just reported its worst quarter ever

CEO Mark Zuckerberg said the metaverse remains one of the company's top priorities.

Fortune

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Thursday briefing: Mark Zuckerberg’s Meta cuts 11,000 jobs – is the Facebook founder’s empire falling?

In today’s newsletter: The social media titan is having its first major wave of layoffs since it began in 2004 – and it’s not the only tech company facing problems.

The Guardian - UK

Why Mark Zuckerberg had to announce 11,000 job cuts at Meta

Company thought rise in online activity would last, rivals stole its users, and metaverse was too uncertain for shareholders

The Guardian - UK

Disney is still on track for streaming profitability—but a storybook ending isn’t guaranteed

The worsening economy and sky-high losses add to concerns about Disney’s ability to make money off streaming.

Fortune

Want social media companies to step up their election game? Give them a financial reason

Researchers are sounding alarms about disinformation ahead of Tuesday’s midterms, but social media consumers are voting with their eyes.

Fortune

Meta is reportedly preparing mass layoffs. Why anti-metaverse investors might be disappointed

The Facebook and Instagram can cut costs without undermining its core metaverse ambitions.

Fortune

Meta Platforms Hits A 52-Week Low, But This Analyst Is Still Ultra Bullish

Tigress Financial Partners is aware of Meta Platforms Inc.'s (NASDAQ:META) ongoing ad-revenue headwinds as a result of economic uncertainty, as well as a recent change in Apple Inc.'s privacy rules, but the firm sees deep value in the company.What Happened: Tigress Director of Research Ivan Feinseth said a note to…

Benzinga

2023 An 'Investment Year' For Meta Platforms: Why These 6 Analysts Are Lowering Price Targets After Q3 Earnings

Analysts are lowering their price targets on Meta Platforms (NASDAQ: META) after the company reported third-quarter financial results Wednesday

Benzinga

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Evening Standard

Will everyone be welcome in the metaverse?

Meta must prove it’s built the right protections for users if the metaverse is to be an inclusive space

Benzinga

Meta Retracts From AR Glasses Project Shortly After Dumping Smartwatch Project

Meta Platforms, Inc (NASDAQ:META) is scaling back its plans to release a series of augmented reality glasses over the next several years, the Information reports. The move marks its second product suspension for the week as it battled the current revenue slowdown. Meta aimed to trim heavy investments in its Reality Labs hardware…

Benzinga

Morning Brief: Top Financial Stories Dominating on Thursday, May 12

CNBC Instacart Confidentially Files For US IPO

Benzinga

Meta Looks To Cutback In Reality Labs In Its Quest For Metaverse

Facebook parent Meta Platforms, Inc (NASDAQ:FB) is preparing cutbacks in its Reality Labs division to refocus on hardware products and the "metaverse," Reuters reports. Meta was not planning layoffs as part of the changes. The division could not afford to do some projects anymore and postponed others. According to Reuters, Reality Labs lost…

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France 24

Meta Platforms opens first retail store in US

Facebook owner Meta Platforms has opened its first physical retail store in Burlingame, California. It's located at the main campus of Reality Labs, the company's unit that produces hardware like virtual reality headsets or smart glasses. Meta has staked its future business on the idea of the metaverse, an immersive…

Asharq Al-Awsat

Facebook Parent Meta Calms Investors with Strong Profit

Facebook parent Meta on Wednesday reported better profit than expected in the recently ended quarter, calming investors worried about the toll of competition from TikTok and eased pandemic restrictions. Meta said it made a profit of $7.5 billion on revenue of $27.9 billion in the first three months of this…

Benzinga

Facebook Parent's Metaverse Division Loses Nearly $3B In Q1, But Mark Zuckerberg Wants To See It Through

Facebook parent Meta Platforms Inc (NASDAQ: FB) said in its first-quarter earnings report that its Facebook Reality Labs division incurred a loss of $2.96 billion in the period.

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