Meta Platforms Inc’s stricter cost controls this year and a new $40 billion share buyback sent shares soaring, as CEO Mark Zuckerberg called 2023 the “Year of Efficiency.” | Reuters
Zuckerberg described the focus on efficiency as part of the natural evolution of the company, calling it a “phase change” for an organization that once lived by the motto “move fast and break things.”
The digital ad giant faced a brutal 2022 as companies cut back on marketing spending due to economic worries, while rivals like TikTok captured younger users and Apple Inc’s privacy updates continued to challenge the business of placing targeted ads. Monetization efficiency for Reels on Facebook, a short-form video format, had doubled in the past six months and the business was on track to roughly break even by the end of 2023 or early 2024 and grow profitably after that, he said on the conference call.“Meta’s better-than-feared results should refute concerns over the state of the digital advertising industry following Snap’s horrible guidance earlier this week,” said Jesse Cohen, senior analyst at Investing.com.
On the conference call, executives said Meta’s investments in AI-surfaced content and TikTok competitor Reels were starting to pay off. The company also has been using AI to increase automation for advertisers and target ads using less personal data, resulting in higher return on ad spend.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CEO leaves gambling firm after laundering failures | Bloomberg NewsGAMBLING group 888 Holdings Plc suspended VIP customer accounts in the Middle East after discovering that its anti-money-laundering protocols weren’t followed and said its chief executive officer will step down. The company started internal investigations after it found that “know your client” best practices and anti-money laundering procedures for its…
Read more »
TV5, Cignal appoint new CEOsGuido Zaballero moves up as TV5 president and CEO, while Jane Basas leads both Cignal TV and Mediaquest
Read more »
TV5, Cignal appoint new CEOsGuido Zaballero moves up as TV5 president and CEO, while Jane Basas leads both Cignal TV and Mediaquest
Read more »
Fund transfers via InstaPay, PESONet increase in 2022 - BusinessWorld OnlineTHE VALUE and volume of fund transfers coursed through InstaPay and PESONet and rose in 2022 compared to a year ago as more Filipinos use digital platforms for their transactions, data from the Bangko Sentral ng Pilipinas (BSP) showed. The combined value of transactions done via the BSP’s automated clearing houses InstaPay and PESONet grew […]
Read more »
PH volleyball federation distances from reported men's, women's SEA Games rostersThe PNVF says it 'could not put its imprimatur on the news – that came out in various platforms and media outlets – concerning the composition of the national teams for men and women,' and that the official pools will be announced soon
Read more »
Philippine authorities shut down 102 internet cockfighting services - BusinessWorld OnlinePHILIPPINE police on Monday said they had taken down 102 online platforms on cockfighting, which the government of ex-President Rodrigo R. Duterte banned last year after the disappearance of at least 30 industry workers. “We are still having a hard time dealing with these electronic sabong operations because of our [limited] technological capabilities,” national police […]
Read more »