Meta has record profits ($11.6B), as revenue +24% and operating margin 2x’ed to 40%
Bay Area Times
October 26, 2023
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Top stories today:
- Meta has record profits ($11.6B), as revenue +24%, margin 2x
- Bankman-Fried's lawyers hint he may testify in criminal trial
- Amazon Ads rolls out AI-powered image generation in beta
- X rolls out audio, video calls to select users
- Israel agrees to U.S. request of delaying ground invasion
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 close (4 PM ET / 1 PM PT).
All times are ET.
1. Meta has record profits ($11.6B), as revenue +24% and operating margin 2x’ed to 40%
Revenue grew in all regions in Q3:
Expenses were cut in all major categories
Reality Labs, Meta's VR segment, continued its heavy losses, at -$3.74B
Net income was +164% to $11.6B, surpassing the Q4 2021 high
Monthly active users continued to trend higher, at 3.96B
Meta stock initially rose, then fell after guidance of potential ad softness tied to Israel-Hamas war
Threads has “just under” 100M MAUs. - The Verge
Read more: CNBC, earnings release, earnings slide
2. Sam Bankman-Fried's lawyers hint he may testify in criminal trial
SBF's lawyers want him to testify about the alleged:
Involvement of legal counsel in SBF's decisions (suggesting a non-criminal state of mind).
Industry practices that would make it normal to commingle customer funds with company funds.
Compliance with Bahmas authorities on Nov. 12, 2022. SBF will say he was acting in the interest of FTX's customers.
The judge can still prohibit some of these questions.
SBF can also still opt not to testify. - CNBC, court filing
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Their 2 main projects are Robust Mouse Rejuvenation and Transplants on Demand.
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4. Amazon Ads rolls out AI-powered image generation in beta
5. X rolls out audio, video calls to select users
Screenshot.
To enable them: Settings » Direct messages » Enable audio and video calling.
Rollout appears to have started with premium users. Unclear whether non-premium users can use it. - The Verge
6. Israel agrees to U.S. request of delaying ground invasion
U.S. wants time to negotiate hostages, move ~12 air-defense systems.
GOP senators introduce bill separating Israeli aid from Ukraine's.
IDF tanks, infantry execute small operation in Gaza overnight, then withdraw.
250 Hamas targets hit over past day: IDF.
Hamas deputy: “battles have not begun yet.”
500 Hamas fighters trained in Iran before Oct. 7 attacks.
Biden repeats call for 2-state solution.
Turkey President defends Hamas, “not a terror organization.”
Putin: war could extend “far beyond” Middle East.
UN General Assembly's resolution won't condemn Hamas.
UN Security Council: U.S. wants pause, Russia cease-fire.
Little Gaza: Israelis build mock Gaza city to train for invasion.
7. 41% of Amazon workers have been injured on job: study
Read more: Bloomberg, Center for Urban Economic Development.
8. X after Elon Musk: independent stats show underperformance
DAUs have fallen, unlike most social media apps:
Ad revenue was -54% in September, according to Guideline
9. Interesting videos, posts, and memes
10. Other headlines
AI
Tech
New AirPods to be launched in 2024, pro in 2025.
Apple TV+ price increases from $6.99/mo to $9.99 in U.S.
Vision Pro being explored for mental health diagnosis.
High-end gaming on Mac likely to be emphasized on Oct. 30 event.
Google moved to limit Apple's web browser suggestions as part of deal.
SteamVR 2.0 released.
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Tech & law
Biotech
Flu shots may protect against Alzheimer's.
23andme launches Total Health service for $99/mo.
Turn Bio does INTERACT meeting with FDA for rejuvenation mRNA.
Running correlated with longer telomeres.
Regulators likely to continue to make development difficult: Reason.
Business
IBM revenue +5% to $14.75B in Q3.
India demands $12B in taxes from online gaming companies.
Kylie Jenner launches clothing line Khy.
Crypto
FTX estate probing $6.5M paid to SF-based Center for AI Safety.
Bitcoin ETF: SEC Chair declines to comment on next steps.
JPM moves $1B daily through JPM Coin.
U.S. politics
Mike Johnson, Trump ally, becomes House speaker.
Georgia DA has discussed plea deals with 6+ Trump co-defendants.
Trump hit with $10K fine for gag order violation.
Bowman to plead guilty to misdemeanor for pulling fire arm, $1K fine.
22+ dead in 2 shootings in Maine.
23% of U.S. support violence to “save country,” from 15% in 2021.
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World
Xi looking for someone to blame for China's property woes.
Russia's prison population drops from 420K to 266K as prisoners go to war.
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