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Snapchat Leads Q3 Social Networking Earnings With Strong Results

YAHOO FINANCE - 7 The analysis of Q3 earnings for social networking stocks highlights Snap (NYSE: SNAP) as the top performer, reporting revenues of $1.19B, up 5.3% YoY and beating analyst expectations by 7%. Snap's user base also grew, with 406M DAUs, marking an 11.8% YoY increase. The stock is up 75.6% since the results. Other companies in the analysis include Pinterest (NYSE: PINS), Nextdoor (NYSE: KIND), and Meta Platforms (NASDAQ: META). Meta delivered the fastest revenue growth, up 23.2% YoY, with 3.96B MAUs.

by Kayode Omotosho
See full article at Yahoo Finance

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Meta Implements Restrictions on Harmful Content for Teen Instagram and Facebook Accounts

TECH CRUNCH - Meta announces automatic restrictions on teen Instagram and Facebook accounts, limiting exposure to content related to self-harm, graphic violence, and eating disorders. The move addresses concerns about the impact of such content on young users. The changes involve hiding certain content in Feed and Stories, even if shared by someone a teen follows. Meta aims to provide a safer experience by placing all teen accounts in the most restrictive content control setting and encouraging them to update settings for increased privacy. These measures precede Meta's Senate testimony on child safety scheduled for Jan 31.

by Aisha Malik
See full article at Tech Crunch

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Meta's Messenger to Encrypt Chats by Default, Similar to WhatsApp

CNBC - Meta announced that it will encrypt the personal calls and chats of every Messenger user by default. This update aligns Messenger with its sibling WhatsApp, which has been using end-to-end encryption by default. Previously, Messenger users had the option to opt-in for end-to-end encryption since 2016. The move reflects Meta's commitment to privacy, aligning with the changing consumer preference for private digital communication. The encryption implementation will take some time, and Meta employed cryptographic principles, including one developed in-house and another used by the Signal encrypted messaging app, to inform its strategy.

by Jonathan Vanian
See full article at CNBC

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Meta and IBM Launch AI Alliance for "Open Innovation"

TECH CRUNCH - Meta and IBM are joining forces to launch the AI Alliance, an industry body aimed at fostering "open innovation" and "open science" in AI. The Alliance will focus on areas like AI trust and validation metrics, hardware supporting AI training, and open-source AI models and frameworks. It will utilize pre-existing collaborations, including the Partnership on AI, to identify opportunities that develop open AI resources. The Alliance's founding members include AMD, Intel, CERN, universities such as Yale and Imperial College London, and AI startups Stability AI and Hugging Face.

by Kyle Wiggers
See full article at Tech Crunch

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Meta Faces EU Scrutiny Over Child Safety Measures on Instagram

TECH CRUNCH - Meta received a request for information from EU regulators under the Digital Services Act, seeking details about its response to child safety concerns on Instagram, especially related to self-generated child sexual abuse material (SG-CSAM). This follows reports of Instagram struggling to address a CSAM problem exposed earlier. The EU warns Meta of potential heavy sanctions if child protection issues are not promptly addressed. The request focuses on Meta's measures to comply with child protection obligations and mitigate risks, including SG-CSAM circulation on Instagram. Failure to address these concerns could result in fines of up to 6% of Meta's global annual turnover.

by Natasha Lomas
See full article at Tech Crunch

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Meta Reportedly Set to Launch Threads in the EU Next Month

TECH CRUNCH - Threads, launched in July, might soon be available in the EU, addressing a notable gap. To comply with EU regulations, Threads may offer a view-only mode for users in the region, allowing consumption without creating a profile. Meta recently introduced a feature allowing users to delete Threads profiles without affecting their Instagram profiles. While Threads doesn't have ads, its data collection practices align with privacy concerns in the EU, where large platforms require explicit consent for personalized ads under regulations like the Digital Services Act.

by Ivan Mehta
See full article at Tech Crunch

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Privacy Group Challenges Meta's "Pay or Okay" Tactic in Austria

TECH CRUNCH - Privacy rights group noyb has filed a complaint with Austria's data protection authority against Meta's attempt to bypass EU privacy rules. Meta's plan involves offering users a choice between paying a substantial monthly subscription for ad-free versions of Facebook and Instagram or agreeing to surrender their privacy rights for free access, allowing tracking and profiling for targeted advertising. noyb argues that the subscription cost is disproportionate to the value Meta derives from tracking users. The complaint aims to address the legality of Meta's "Pay or Okay" system, questioning the appropriateness of charging users significantly more than the ad revenue generated per individual.

by Natasha Lomas
See full article at Tech Crunch

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Meta Seeks Legislation Requiring Parental Approval for Teens' App Downloads

TECH CRUNCH - Meta calls for federal legislation mandating parental approval for app downloads by users under 16. In response to concerns about teen safety on social media, Meta proposes shifting responsibility to parents and app stores. This move aligns with public sentiment favoring parental consent, but critics argue it overrides parental discretion. Meta's stance emerges amid ongoing legal challenges, whistleblower revelations, and a broader debate on regulating teen usage in the absence of federal guidelines.

by Sarah Perez
See full article at Tech Crunch

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Meta to Require Political Advertisers to Disclose Use of A.I.

NEW YORK TIMES - Meta, facing the impact of generative AI tools, unveils a new policy for political advertisers requiring disclosure when third-party AI software is used in ads to synthetically depict people and events. Meta will bar the use of its AI-assisted software for political or social issue ads and add restrictions on housing, employment, credit, health, pharmaceuticals, and financial services ads. Advertisers using third-party AI tools must disclose alterations, aiming to better understand and safeguard against potential risks in generative AI use.

by Mike Isaac
See full article at New York Times

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Meta's Latest Privacy Rip-off Will Test the EU's Mettle for Reining in Big Tech

TECH CRUNCH - Meta has unveiled an ad-free subscription offering in Europe, allowing users to pay for an ad-free experience starting at €10 monthly. However, this subscription is controversial, as it forces users to choose between paying for privacy or accepting targeted advertising with tracking. This approach presents a challenge to EU regulations, particularly the GDPR, which safeguards user privacy. In addition, Meta's subscription pricing appears to overvalue the data it collects from users, raising questions about whether it is truly necessary and appropriate.

by Natasha Lomas
See full article at Tech Crunch

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Meta Launches Facebook Stories API for Third-Party Apps

TECH CRUNCH - Meta introduces a new API allowing third-party desktop and web apps to create and share content directly to Facebook Stories. This API facilitates content integration with professional software used by creators. This move positions Meta to cater to content creators and professionals, offering an enterprise solution for integrating content creation and sharing with Facebook Stories.

by Paul Sawers
See full article at Tech Crunch

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Meta Launches Ad-Free Facebook and Instagram in Europe

NEW YORK TIMES - Meta is introducing ad-free subscription options for Facebook and Instagram in Europe to comply with evolving European regulations. Starting in Nov, users can opt for subscriptions costing between 9.99 and 12.99 euros monthly to enjoy these platforms without ads. This move reflects how large tech companies are adapting their core products to adhere to data privacy rules and government policies.

by Adam Satariano & Christine Hauser
See full article at New York Times

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Meta Sued by 33 States Over Youth Mental Health Concerns

READ WRITE - Meta is being sued by a coalition of 33 attorneys general who allege that Meta's platforms, particularly Instagram, are psychologically and physically harmful to young users. The lawsuit claims that design elements like the "like" button, push notifications, and algorithm-driven feeds have detrimental effects on adolescent mental health. Features such as the fear of missing out (FOMO) are said to promote compulsive and unhealthy platform usage.

by Maxwell William
See full article at Read Write

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Meta Considers $14/Month Subscription for Ad-Free Instagram and Facebook in Europe

READ WRITE - Meta is reportedly planning to introduce a subscription option costing $14 per month for an ad-free experience on Instagram and Facebook in Europe. This move is aimed at complying with European Union regulations that require user consent for personalized ads. Users will have the choice between the free, ad-supported version or the ad-free paid version. The subscription plan, known as SNA (subscription, no ads), is currently under review by EU regulatory commissions.

by Deanna Ritchie
See full article at Read Write

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Meta to Lay off Staff in Metaverse Silicon Unit

REUTERS - Meta is planning to lay off employees in the unit of its metaverse-oriented Reality Labs division focused on creating custom silicon. Employees were informed in a post on Meta's internal discussion forum Workplace they would be notified about their status with the company.

by Katie Paul
See full article at Market Screener

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