Facebook’s cryptocurrency venture to wind down after asset sale to Silvergate
2 years, 10 months ago

Facebook’s cryptocurrency venture to wind down after asset sale to Silvergate

The Hindu  

Meta Platforms Inc-backed Diem Association sold its assets to crypto-focused bank Silvergate Capital Corp, Diem said on Monday, ending the tech giant's ambitious push to get its billions of users transacting in its own currency. It also throws into question how Meta plans to handle commerce in the metaverse, a futuristic digital environment that Chief Executive Mark Zuckerberg has heralded as "the successor to the mobile internet." The Diem project, initially called Libra when it was unveiled in 2019, almost immediately ran into fierce opposition from regulators concerned that it could give Facebook too much control over the money system and infringe on users' privacy. It also radically scaled back plans along the way, relocating Diem's operations from Switzerland to the United States and making the goal to create a U.S. stablecoin pegged to the dollar.

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History of this topic

Court allows multi-billion dollar lawsuit against Meta; privacy breach comes back to haunt Zuckerberg
1 month ago

Court allows multi-billion dollar lawsuit against Meta; privacy breach comes back to haunt Zuckerberg

Firstpost  

This brings yet another legal challenge for Meta and its CEO, Mark Zuckerberg, stemming from the misuse of 87 million Facebook users’ data during the 2016 US presidential campaign The Supreme Court is allowing a multibillion-dollar class action investors’ lawsuit to proceed against Facebook parent Meta, stemming from the privacy scandal involving the Cambridge Analytica political consulting firm. The high …

Meta Reports Strong Q3 Results with Record Revenue and Net Income
1 month, 3 weeks ago

Meta Reports Strong Q3 Results with Record Revenue and Net Income

China Daily  

Meta Platforms reports strong financial results for the third quarter, with revenue and net income increasing year-on-year. The company's family daily active people (DAP) also increased, indicating strong user growth. Meta expects fourth quarter 2024 revenue to be in the range of $45 billion to $48 billion, with full-year 2024 expenses in the range of $96 billion to $98 billion. …

Meta CEO Mark Zuckerberg believes having hobbies and free time makes going back to work easier
4 months, 2 weeks ago

Meta CEO Mark Zuckerberg believes having hobbies and free time makes going back to work easier

India Today  

We're seeing a new side of Mark Zuckerberg, or we can call it Zuckerberg 2.0. In a recent interview with Bloomberg, Zuckerberg revealed that lately, he's been enjoying a lot of activities in his free time, including farming cattle, practising jiu-jitsu, and wakesurfing. While Zuckerberg is sharing a sneak peek into his rich billionaire life and navigating a personal transformation, …

Meta shares surge after tech giant reports $13.5bn profit
4 months, 3 weeks ago

Meta shares surge after tech giant reports $13.5bn profit

Al Jazeera  

CEO Mark Zuckerberg says Meta AI is on track to be the most used AI assistant worldwide by the year’s end. “We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” Meta founder and CEO Mark Zuckerberg said. “We’ve released the first frontier-level …

Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours
4 months, 3 weeks ago

Facebook parent Meta posts stronger-than-expected Q2 results, sending shares higher after hours

Associated Press  

SAN FRANCISCO — Investments in artificial intelligence will account for a significant increase in Facebook parent company Meta’s expenses in the coming year, but stronger-than-expected revenue from its advertising business was enough to reassure investors that its business is on the right track. “And unlike Google, which is grappling with making changes that will impact its core ad business, most …

Mark Zuckerberg's wealth plunges after Meta shares sink 13% in one day
8 months ago

Mark Zuckerberg's wealth plunges after Meta shares sink 13% in one day

Daily Mail  

Meta shares crashed in after-hours trading Wednesday after the company warned profits will slip over the summer. Meta says it will see second quarter revenue between $36.5 and $39 billion. Shares were also hit after Meta said it expects overall expenses this year to be higher than it previously forecast - as the Facebook parent spends heavily to roll out …

Meta reports “good” quarter after revenue growth, launch of Threads and AI products
1 year, 1 month ago

Meta reports “good” quarter after revenue growth, launch of Threads and AI products

The Hindu  

Meta CEO Mark Zuckerberg noted a “good quarter” for the company’s community and business as the social media giant reported revenue growth of 23% year-over-year to reach $34.15 billion. Zuckerberg earlier announced that 2023 would be Meta’s year of “efficiency” and the company proceeded to lay off hundreds of workers across its tech and business divisions. “I’m proud of the …

Facebook parent Meta posts solid 1Q results, stock soars
1 year, 7 months ago

Facebook parent Meta posts solid 1Q results, stock soars

Associated Press  

Facebook parent company Meta’s first-quarter results surpassed Wall Street’s modest expectations on both profit and revenue, sending its stock soaring in after-hours trading. “We’re also becoming more efficient so we can build better products faster and put ourselves in a stronger position to deliver our long term vision.” Meta Platforms Inc. said Wednesday it earned $5.71 billion, or $2.20 per …

Boost for Mark Zuckerberg as Facebook-owner Meta breaks year-long slump
1 year, 7 months ago

Boost for Mark Zuckerberg as Facebook-owner Meta breaks year-long slump

The Telegraph  

Shares in Facebook’s parent company Meta soared last night as it broke a losing streak to post its first rise in sales in a year. However, profits fell by 24pc and the company revealed a big drop in sales at its virtual reality division, showing that Mark Zuckerberg’s expensive bet on the metaverse is stuttering. The company’s overall revenue rise, …

Meta launches paid subscription: What will it offer and who will benefit?
1 year, 10 months ago

Meta launches paid subscription: What will it offer and who will benefit?

Firstpost  

The new service will cost $11.99 a month for users who sign up via the Internet and $14.99 for those using mobile apps. The subscription will be voluntary and only users who are over the age of 18 will be allowed to subscribe San Francisco: Meta platform users will soon be able to follow in Twitter denizens’ footsteps in affixing …

Facebook-owner Meta to roll out paid subscription
1 year, 10 months ago

Facebook-owner Meta to roll out paid subscription

The Hindu  

Facebook and Instagram owner Meta will launch a paid subscription service starting at $11.99 a month allowing users to verify their accounts, CEO Mark Zuckerberg announced Sunday, following a similar move by Elon Musk at Twitter. Meta Verified, which will roll out first in Australia and New Zealand this week, will let users verify an "account with a government ID, …

Meta posts upbeat outlook, plans $40 billion buyback
1 year, 10 months ago

Meta posts upbeat outlook, plans $40 billion buyback

Live Mint  

BY SALVADOR RODRIGUEZ | UPDATED 2月 01, 2023 06:12 晚上 EST Social-media giant plans to buy back additional $40 billion in shares, says its costs are set to decline and its global users increased Facebook parent Meta Platforms Inc. reported improving conditions in its underlying business and said it would buy back an added $40 billion in shares, a turnabout …

Meta CEO Mark Zuckerberg testifies in FTC case to block virtual-reality deal
2 years ago

Meta CEO Mark Zuckerberg testifies in FTC case to block virtual-reality deal

Live Mint  

Facebook parent Meta Platforms Inc. CEO Mark Zuckerberg took the witness stand Tuesday in a case in which the Federal Trade Commission is seeking to prevent the social-media company from acquiring a virtual-reality startup. The FTC is seeking an injunction blocking Meta’s planned acquisition of Within Unlimited Inc., the company behind the popular virtual-reality fitness game “Supernatural." Mr. Zuckerberg said …

Meta’s sad quest to convince corporates to join the metaverse
2 years ago

Meta’s sad quest to convince corporates to join the metaverse

The Telegraph  

A year after its launch, the Metaverse is still baffling to many. As Meta struggles with slowing sales amid founder Mark Zuckerberg’s fixation with computerised virtual reality worlds, brands are wondering whether they too need to follow the 38-year-old tech whizz into his bizarre vision of the future. Many companies have piled their marketing millions into metaverse experiments, launching virtual …

Facebook owner Meta lays off 13% of its employees, announces hiring freeze for Q1
2 years, 1 month ago

Facebook owner Meta lays off 13% of its employees, announces hiring freeze for Q1

The Hindu  

Meta, in a blog post, on Wednesday shared that it will be firing 13% of its workforce around 11,000 employees. In a direct message to employees, Meta CEO Mark Zuckerberg said that staff reductions will be made across the company’s family of apps and Reality Labs. Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown …

Column: Meta and Twitter show the drawbacks of giving self-satisfied billionaires too much power
2 years, 1 month ago

Column: Meta and Twitter show the drawbacks of giving self-satisfied billionaires too much power

LA Times  

Meta CEO Mark Zuckerberg announces the new name for his company, formerly Facebook, in October 2021. Back in the prehistoric era — in 2012, when Facebook staged one of the most hyped initial public stock offerings of all time — I warned the company’s newly minted shareholders that they had become wedded to Mark Zuckerberg. The stock reached its all-time …

Meta CEO Mark Zuckerberg to testify in US case against Facebook’s VR deal
2 years, 1 month ago

Meta CEO Mark Zuckerberg to testify in US case against Facebook’s VR deal

Live Mint  

Meta Platforms Inc Chief Executive Officer Mark Zuckerberg to testify in a case by the Federal Trade Commission that argues the company's proposed deal to buy virtual reality content maker Within Unlimited should be blocked. In a court document filed with US District Court Northern District Of California on Friday, the FTC listed 18 witnesses it plans to question, including …

Meta investors call Zuckerberg's metaverse project 'terrifying': Report
2 years, 1 month ago

Meta investors call Zuckerberg's metaverse project 'terrifying': Report

Hindustan Times  

Wall Street is losing patience over Meta boss Mark Zuckerberg's enormous and experimental bets on his metaverse project that helped drive up the company's overall costs by a fifth in the third quarter. Investors rushed to dump Meta Platforms Inc's stock after hours, pushing it down 20% and wiping $67 billion off its market value after the company posted its …

Why Mark Zuckerberg’s Metaverse vanity project threatens to destroy Facebook
2 years, 1 month ago

Why Mark Zuckerberg’s Metaverse vanity project threatens to destroy Facebook

The Telegraph  

His push into virtual worlds is increasingly seen by investors as an expensive hobby. Meta employees have taken to calling metaverse projects “make Mark happy” or MMH, according to a report in the New York Times. Yet on Wednesday, an increasingly isolated Zuckerberg – who lost former right-hand woman Sheryl Sandberg earlier this year – insisted he was heading down …

Facebook parent Meta’s revenue, profit decline amid ad slump
2 years, 1 month ago

Facebook parent Meta’s revenue, profit decline amid ad slump

Associated Press  

Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising sales as it faces competition from TikTok’s wildly popular video app. “We’re approaching 2023 with a focus on prioritization and efficiency that will help us navigate the current environment and emerge an even stronger company.” Meta said it expects staffing levels …

Virtual worlds championed by Mark Zuckerberg threaten the financial system, warns Bank of England
2 years, 4 months ago

Virtual worlds championed by Mark Zuckerberg threaten the financial system, warns Bank of England

The Telegraph  

The ‘metaverse’ technologies championed by Mark Zuckerberg pose a threat to financial stability, the Bank of England has warned. A report by the Bank found financial problems within metaverses – a catch-all term for virtual worlds where people interact via digital avatars – could have severe real-world financial consequences if controversial crypto technology is tied to their operations. Researchers said …

Facebook Owner Meta Reports Revenue Decline For The First Time In Q2 Earnings
2 years, 4 months ago

Facebook Owner Meta Reports Revenue Decline For The First Time In Q2 Earnings

ABP News  

Meta Platforms clocked its first ever quarterly decline in revenue on Wednesday, Reuters reported. Citing Refinitiv, Reuters mentioned total revenue, which consists almost entirely of ad sales, fell 1 per cent to $28.8 billion in the second quarter ended June 30, from $29.1 billion last year. Monthly active users on Facebook came in slightly under analyst expectations at 293 crore …

Facebook parent Meta posts first revenue decline in history
2 years, 4 months ago

Facebook parent Meta posts first revenue decline in history

Associated Press  

Meta, the parent company of Facebook and Instagram, posted its first revenue decline in history Thursday, dragged down by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies. CEO Mark Zuckerberg said Meta is slowing its pace of investments and plans to “steadily reduce” employee growth after a hiring blitz earlier this …

As Zuckerberg bets on TikTok-style videos, Meta heads for first-ever revenue drop
2 years, 4 months ago

As Zuckerberg bets on TikTok-style videos, Meta heads for first-ever revenue drop

The Hindu  

Meta's future may lie in the metaverse, but when the company reports results on Wednesday, investors will be focused on two more immediate bets: pumping up short-video offering Reels to compete with TikTok and rebuilding its ads system after Apple throttled access to user data. Meta is also investing heavily to rebuild its ads system around its own user data, …

Mark Zuckerberg thinks a billion people will join him in the metaverse
2 years, 6 months ago

Mark Zuckerberg thinks a billion people will join him in the metaverse

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Mark Zuckerberg has predicted that a billion people will join his virtual reality …

Facebook Pay Now Rebranded As Meta Pay, Wants To Be The Digital Wallet For Metaverse
2 years, 6 months ago

Facebook Pay Now Rebranded As Meta Pay, Wants To Be The Digital Wallet For Metaverse

News 18  

The Facebook to Meta transition hits a new level this week, as the digital payment platform Facebook Pay is now getting rebranded to Meta Pay. Mark Zuckerberg, CEO, Meta, claims this could be the digital wallet for the metaverse, where your digital avatars will be able to buy digital items and you will get the proof of ownership for this …

Mark Zuckerberg renamed Facebook Pay to Meta Pay- All you must know
2 years, 6 months ago

Mark Zuckerberg renamed Facebook Pay to Meta Pay- All you must know

India TV News  

Mark Zuckerberg, the CEO of Meta has recently confirmed to rename their payment wallet- from Facebook Pay to Meta Pay. Meta Pay will operate the same and easy, as it was for shopping, sending money, and donating to causes that the users care about on Facebook, WhatsApp, Instagram, Messenger, and anywhere further, where Facebook Pay could be used. Zuckerberg stated …

Facebook’s parent company Meta tells hardware staffers to prepare for cutbacks
2 years, 7 months ago

Facebook’s parent company Meta tells hardware staffers to prepare for cutbacks

The Hindu  

Facebook-owner Meta Platforms Inc is preparing cutbacks in its Reality Labs division, a unit at the centre of the company's strategy to refocus on hardware products and the "metaverse," a spokesperson confirmed to Reuters on Wednesday. The world's biggest social media company last month told investors that it would scale back costs in 2022, following a drop in Facebook users …

Meta shares surge after Facebook ekes out user growth
2 years, 7 months ago

Meta shares surge after Facebook ekes out user growth

The Hindu  

Meta Platforms Inc surprised Wall Street with a profit beat and Facebook returning to user growth, although Meta forecast a conservative revenue outlook for the current quarter. Meta's profit soundly beat Wall Street targets at $2.72 per share, compared with an analyst consensus of $2.56, according to IBES data from Refinitiv. Facebook daily active users, a key metric for advertisers …

Meta is making Zuck Bucks: What exactly is it?
2 years, 8 months ago

Meta is making Zuck Bucks: What exactly is it?

Firstpost  

After giving up on its cryptocurrency venture named Diem, Meta, the parent company of Facebook and Instagram, is reportedly planning to introduce virtual currency to its apps, internally dubbed as “Zuck Bucks” After giving up on its cryptocurrency venture named Diem, Meta, the parent company of Facebook and Instagram, is reportedly planning to introduce virtual currency to its apps, internally …

Meta Building Digital Currency 'Zuck Bucks' That's Not A Cryptocurrency
2 years, 8 months ago

Meta Building Digital Currency 'Zuck Bucks' That's Not A Cryptocurrency

ABP News  

New Delhi: Now eyeing the finance space, Facebook's parent company Meta is building a digital currency that it calls "Zuck Bucks". Seemingly named after the company's CEO Mark Zuckerberg, Zuck Bucks won't be a cryptocurrency based on blockchain, but it will be an in-app token that will be centrally controlled by the Meta Group, according to a report published in …

How Did Wall Street Get Meta’s Earnings So Wrong?
2 years, 10 months ago

How Did Wall Street Get Meta’s Earnings So Wrong?

Bloomberg  

If you have a teenager in your house, you’ve known for a while that the Facebook app isn’t as cool as it used to be. Even so, Wall Street has held its parent company, renamed Meta Platforms Inc. last year, in the highest esteem. For years, analysts’ price targets kept climbing, at times implying double-digit returns. On that day, the …

Explained: The tumbling of Meta platforms’ shares
2 years, 10 months ago

Explained: The tumbling of Meta platforms’ shares

The Hindu  

The story so far: The shares of Meta Platforms, the parent company of social media giant Facebook, crashed by as much as 25% on Thursday, wiping out over $200 billion from the company’s market value. THE GIST The shares of Meta Platforms crashed by as much as 25% on Thursday, wiping out over $200 billion from the company’s market value. …

Facebook has successfully overhauled its business before. This time will be harder
2 years, 10 months ago

Facebook has successfully overhauled its business before. This time will be harder

CNN  

New York CNN Business — Ahead of its 2012 initial public offering, Facebook was in trouble. He’s even called the metaverse “the successor to the mobile internet.” But there’s one critical difference for Zuckerberg’s company between now and a decade ago: While mobile technology was already a flourishing platform when Facebook was making that shift, the company’s vision of the …

Meta, formerly Facebook, faces historic drop as stock tanks
2 years, 10 months ago

Meta, formerly Facebook, faces historic drop as stock tanks

Associated Press  

Meta is putting a lot of virtual eggs — and billions of dollars — into the metaverse basket, and Wall Street is pretty anxious about it. At the same time, it invested more than $10 billion in CEO Mark Zuckerberg’s ambitious plan to transform Meta Platforms Inc. into a virtual reality — actually, make that “metaverse-based” — company. “Betting big …

Meta, formerly Facebook, faces historic drop as stock tanks
2 years, 10 months ago

Meta, formerly Facebook, faces historic drop as stock tanks

Hindustan Times  

Shares in Facebook parent company Meta are in the midst of their worst day ever Thursday after the social media giant reported a rare decline in profit due to a sharp increase in expenses as it invests heavily in its transformation into a virtual reality-based company. In addition, recent privacy changes by Apple make it harder for companies like Meta …

Meta shares sink 20% as Facebook loses daily users for the first time
2 years, 10 months ago

Meta shares sink 20% as Facebook loses daily users for the first time

The Hindu  

Facebook owner Meta Platforms Inc's shares plunged more than 20% late on Wednesday after the social media company posted a weaker-than-expected forecast, blaming Apple's privacy changes and increased competition for users from rivals like TikTok. The 18-year-old tech giant, which also faces pressure from platforms like TikTok and Google's YouTube, said it expected slowing revenue growth in the coming quarter …

Facebook’s attempt at a global cryptocurrency finally been shut down
2 years, 10 months ago

Facebook’s attempt at a global cryptocurrency finally been shut down

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Diem, the cryptocurrency backed by Facebook’s parent company Meta, is finally shutting down. …

Facebook owner Meta to lift veil off its metaverse business
2 years, 10 months ago

Facebook owner Meta to lift veil off its metaverse business

The Hindu  

Since October, Facebook has renamed the company, articulated a vision of the internet where people can digitally connect through virtual-reality avatars or teleport to see places like ancient Rome, and helped trigger the metaverse investment craze. Meta plans to break out the results of its augmented and virtual-reality hardware unit, Reality Labs, for the first time,an investment the company previously …

Facebook’s cryptocurrency venture to wind down and sell tech assets
2 years, 10 months ago

Facebook’s cryptocurrency venture to wind down and sell tech assets

The Hindu  

Meta Platforms Inc's digital currency venture Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp for about $200 million, the Wall Street Journalreported on Wednesday, citing a person familiar with the matter. Meta, formerly Facebook Inc, first unveiled plans for Diem, known as Libra earlier, in June 2019, as part of an effort to expand …

What Is the Metaverse, Exactly?
3 years ago

What Is the Metaverse, Exactly?

Wired  

To hear tech CEOs like Mark Zuckerberg or Satya Nadella talk about it, the metaverse is the future of the internet. On the other hand, while the big tech money has started moving into generative AI, a lot of marketing hype has already been wrapped up in selling the idea of “the metaverse.” Facebook, in particular, is in an especially …

The AP Interview: Facebook whistleblower fears the metaverse
3 years, 1 month ago

The AP Interview: Facebook whistleblower fears the metaverse

Associated Press  

BRUSSELS — Facebook whistleblower Frances Haugen warned Tuesday that the “metaverse,” the all-encompassing virtual reality world at the heart of the social media giant’s growth strategy, will be addictive and rob people of yet more personal information while giving the embattled company another monopoly online. “So beyond the fact that these immersive environments are extremely addictive and they encourage people …

EXPLAINED: What is Metaverse and Why Facebook/ Meta Thinks it's the Future of Internet
3 years, 1 month ago

EXPLAINED: What is Metaverse and Why Facebook/ Meta Thinks it's the Future of Internet

News 18  

The term “metaverse” is the latest buzzword to capture the tech industry’s imagination — so much so that one of the best-known internet platforms is rebranding to signal its embrace of the futuristic idea. In an interview with The Verge, Zuckerberg said that “the metaverse isn’t just virtual reality” and would be accessible across various computing platforms like virtual and …

Plenty of pitfalls await Zuckerberg’s ‘metaverse’ plan
3 years, 1 month ago

Plenty of pitfalls await Zuckerberg’s ‘metaverse’ plan

Associated Press  

When Mark Zuckerberg announced ambitious plans to build the “metaverse” — a virtual reality construct intended to supplant the internet, merge virtual life with real life and create endless new playgrounds for everyone — he promised that “you’re going to able to do almost anything you can imagine.” That might not be such a great idea. “There is a potential …

Facebook whistleblower says tech company focusing on developing metaverse instead of fixing existing problems
3 years, 1 month ago

Facebook whistleblower says tech company focusing on developing metaverse instead of fixing existing problems

Firstpost  

Asked if Zuckerberg should step down, whistleblower Frances Haugen said: “I think Facebook would be stronger with someone who’s willing to focus on safety, so yes.” Whistleblower Frances Haugen issued a stinging rebuke of Facebook’s “Meta” rebrand on Monday, accusing the company of yet again prioritising expansion over people’s safety. Speaking at the Web Summit tech conference in Lisbon, Haugen …

Meta Platforms shares rise as Facebook rebrands to focus on metaverse
3 years, 1 month ago

Meta Platforms shares rise as Facebook rebrands to focus on metaverse

The Hindu  

Shares of Meta Platforms Inc rose marginally in pre-market trading on Friday after social media giant Facebook rebranded itself to build the "metaverse", a shared virtual environment. Chief Executive Officer Mark Zuckerberg said on Thursday the new name reflects the company's work invested in the metaverse, rather than its namesake social media service, which will continue to be called Facebook. …

Facebook changes name to Meta to highlight virtual reality shift
3 years, 1 month ago

Facebook changes name to Meta to highlight virtual reality shift

Al Jazeera  

Facebook is changing its name to Meta – a move that decouples its corporate identity from its social network, which has been under increasing fire. Facebook Inc. is re-christening itself Meta, decoupling its corporate identity from the eponymous social network mired in toxic content, and highlighting a shift to an emerging computing platform focused on virtual reality. “The metaverse is …

Facebook invests billions in metaverse efforts as ad business suffers
3 years, 1 month ago

Facebook invests billions in metaverse efforts as ad business suffers

The Hindu  

Facebook Inc said on Monday it will break out its division focused on hardware, virtual and augmented reality into a new reporting segment, as its main advertising businesses face "significant uncertainty." Facebook warned that Apple Inc's new privacy rules would weigh on its digital business in the current quarter, after the social media company reported quarterly revenue below market expectations. …

Facebook invests billions in metaverse efforts as ad business slows
3 years, 1 month ago

Facebook invests billions in metaverse efforts as ad business slows

Live Mint  

Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the "metaverse" and as it reported that its main advertising business faces "significant uncertainty." David Wehner, Facebook's chief financial officer, said the company expected its investment in …

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