News list for " universe business"
Mark Zuckerberg has appointed Vishal Shah, his longtime deputy, to a key role in the artificial intelligence team at Meta Platforms (META. O), according to the Financial Times, the latest in a series of executive changes as he pushes ahead with his AI strategy. The reshuffle comes on the heels of the rushed launch of Vibes, his AI video service, which was quickly overtaken by Sora, OpenAI's rival, despite Zuckerberg's expensive recruitment of AI talent over the past few months. Shah joined Meta ...
According to The Big Whale, The Sandbox founders Arthur Madrid and Sébastien Borget have stepped down from day-to-day operations, and Animoca Brands executive Robby Yung has taken over as CEO. Borget will serve as global ambassador and Madrid will become non-executive chairperson. Meanwhile, the company is cutting more than 50% of its workforce, involving teams in Argentina, Uruguay, South Korea, Thailand and Turkey, and plans to close its Lyon, France office, with further layoffs in Paris. The...
US tech giant Meta's latest earnings report shows that its Metaverse business is still losing billions of dollars each quarter. Meta on Wednesday reported a $4.43 billion operating loss in its Reality Labs division, which develops augmented and virtual reality technologies. The loss was slightly smaller than the $4.68 billion analysts had expected. Reality Labs' third-quarter revenue rose 29% year-on-year to $270 million, missing analysts' expectations of $310.40 million. Reality Labs primarily ...
In the second quarter of this year, Mark Zuckerberg's Meta Platforms lost another $4.50 billion on its meta-universe business, Reality Labs, and its meta-universe loss in capital has increased to nearly $60 billion since 2019. During its second-quarter earnings call on July 31, Meta reported that its revenue beat expectations to $49 billion, up 22% from the same period last year and the second-largest quarter ever.
Meta on Wednesday reported its second quarter 2024 results. The Reality Labs division of its Metaverse business suffered an operating loss of $4.49 billion, and the market expected a loss of $4.53 billion, compared with $276 million in the same period last year. Meta Platforms' second quarter 2024 revenue was $39.07 billion, and the market expected $38.30 billion, compared with $31.999 billion in the same period last year. Meta said that for the Reality Labs division, it still expects a loss in ...
