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In Big Tech earnings week, Facebook gets a boost

Investors in Meta saw their stock boosted by 25 percent, as the social media giant posted higher than expected earnings in the fourth quarter of 2022. The parent company to Facebook, Instagram and Whatsapp, said it focused on productivity, streamlining and efficiency, adding nearly 80 billion dollars to its market value. But the operational...

Feb 2, 2023

Report

Facebook, Instagram parent Meta cuts 11,000 jobs

Meta, the parent company of social media giants Instagram and Facebook, has announced it will cut 11,000 jobs, or 13 percent of its workforce, in a bid to slash costs. In a letter to employees, founder and CEO Mark Zuckerberg said the company will also be cutting discretionary spending and extending its hiring freeze through Q1 to become “a...

Nov 9, 2022

Business

Facebook to scrap live shopping in October

Meta-owned social media platform Facebook has announced that, from October 1, its live shopping feature will no longer be available. In a statement, the platform said the decision comes as consumers’ viewing behaviour continues to shift to short-form video. It added that it is planning to redirect its focus to Reels on both Facebook and...

Aug 25, 2022

RetailFeatured

Amazon fights back against fake consumer product reviews

Amazon has a fake product review problem. So much so that it is suing over 10,000 Facebook group administrators for “attempting to orchestrate fake reviews on Amazon in exchange for money or free products.” Amazon said it takes the integrity of its reviews platform very seriously and will remove reviews, and delist related products. It also said...

Jul 20, 2022

People

Meta COO Sheryl Sandberg steps down

Meta Chief Operating Officer Sheryl Sandberg is to step down from the social media company she managed with founder Mark Zuckerberg. Her 14-year tenure marks an end to an era, one where Facebook rose into the global collective consciousness and helped drive the fashion industry’s shift to digital. Sandberg, who will remain on Meta’s board, is...

Jun 2, 2022

Retail

Facebook owner Meta Platforms to test sale of virtual goods

Meta Platforms (FB) said on Monday that it will soon start testing tools to sell digital assets and experiences inside its virtual reality platform Horizon Worlds. This move is an important part of the company's plan to create a metaverse. Meta said in a statement, "The tools will be available initially to an hand-picked set of users who are...

Apr 13, 2022

Fashion Featured

Meta's platforms are hotbeds for counterfeit goods

Facebook parent Meta is a hotbed for counterfeit goods, with fake items from Gucci to Chanel widely available on its platforms and social media apps. Research from Ghost Data says Meta’s apps continue to provide lucrative channels for sellers of fake consumer goods all over the world. “Particularly Meta and its subsidiaries have developed a...

Feb 10, 2022

Business

Amazon just gained 190 billion in value

Last week was a big week for tech, with Amazon cementing its global superpower after it delivered its Q4 results. It beat Apple with the biggest one day stock market surge, which saw its market capitalisation increase by 190 billion dollars by end of trading on Friday and valuing the company at 1.3 trillion dollars. In contrast, the value of...

Feb 6, 2022

Business

Instagram to introduce trial subscription service for creators

Social media giant Instagram has revealed a new way it plans to help creators make a living through its platform, with the trial launch of its monetisation feature Instagram Subscriptions. The service will allow creators to grow their monthly income by offering subscribers exclusive content and benefits through the app. The implementation will...

Jan 24, 2022

Fashion Featured

The Metaverse needs physical stores to reach new audiences

The opportunities for virtual worlds and metaverses may still be reliant on physical retail, where shoppers are continuing to spend the majority of their time and dollars. In a report released by the New York Times last week, Meta – formerly known as Facebook – is planning to build physical stores in order to build its Metaverse. The social...

Nov 9, 2021

Culture |Opinion Featured

A new name for Facebook can't escape its reputation

Back in 2019 Facebook changed its name to FACEBOOK. All big and bold letters, with extra curvature around the edges and a colour refresh to make it look more “empathetic.” The capital letters were meant to proudly “harmonise” the social media giant’s companies, with its re-design evoking “clarity and openness” it said at the time. Of course...

Oct 29, 2021

BusinessFeatured

Facebook changes name to Meta as part of metaverse focus shift

During the annual Connect 2021 conference, CEO Mark Zuckerberg announced the organisation Facebook will be changing its name to Meta, as part of the company’s shift to “bring the metaverse to life”. Bringing together all of its apps and technologies, including WhatsApp, Instagram and Facebook, under the new umbrella, the latest transformation...

Oct 29, 2021