Tech Brew Ride Home Thu. 04/27 – Meta Does Good
Apr 27, 2023
Meta surprised investors with a solid earnings report while reinforcing its commitment to the metaverse. Smartphone shipments took a significant hit, raising concerns in the tech industry. U.S. Senators are proposing a bipartisan bill to protect kids on social media, potentially reshaping online engagement. Amazon's discontinuation of its Halo program has left users seeking alternatives, while Google is bolstering security for its Authenticator app. Additionally, regulatory hurdles are complicating Microsoft's acquisition of Activision, particularly in the cloud gaming sector.
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Meta's Positive Earnings
- Meta reported positive Q1 2023 earnings, with a 3% year-over-year revenue increase.
- This ends a three-quarter decline, their first since going public in 2012.
Metaverse Losses Decelerate
- Despite positive overall earnings, Meta's Reality Labs (Metaverse) division continues to lose money.
- However, the rate of loss is decelerating, which pleased investors.
Smartphone Shipment Decline
- Global smartphone shipments declined for the seventh consecutive quarter, dropping 14.6% year-over-year.
- Despite this, the industry is optimistic about a recovery by late 2023.