![]() ![]() The cloud unit of Alibaba Group Holding (NASDAQ: BABA), which is being spun off from its Chinese parent, recently said it will support Meta’s LLaMA model. ![]() Meta’s efforts in generative artificial intelligence ( AI), where it has open-sourced key technologies, are also a contrast to other Cloud Czars, which have urged government regulation to control the software. Reality Labs lost $3.7 billion during the June quarter. He warned that investments in Meta’s Reality Labs unit, which makes its Virtual Reality ( VR) headsets and software, will continue to grow. However, CEO Mark Zuckerberg is sticking by his big “metaverse” bet, despite media reports to the contrary. Meta took $780 million in charges for consolidating facilities and cutting staff during the quarter. Ad impressions rose 34% while the cost per ad fell 16%, with big gains in Asia. Traders were excited about Meta’s improved ad targeting and cost cuts. Meta’s all-time high was over $379 per share in September 2021. Shares are now up 164% in 2023 but remain down from two years ago. In pre-market trading, Meta was trading near $330 per share, a market cap approaching $850 billion. The company will benefit from a foreign currency “tailwind” as the dollar’s value declines against other currencies. Revenue was up 11%, while net income was up 16% compared to 2022.Ĭhief Financial Officer Susan Li also predicted third-quarter revenue will come in at $32-34.5 billion, up 15% year-over-year. Meta said it earned $7.8 billion, $2.98 per share, for the June quarter, on revenue of $32 billion. Meta Platforms (NASDAQ: META) stock rose 10% after reporting results and guidance that beat expectations. ![]()
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