Technologies

Meta earnings disappoint as Facebook’s parent pushes into the metaverse

For the first time, the social media giant breaks out the performance of its AR and VR business. Its earnings in the fourth quarter, though, were weaker than expected.

Facebook parent Meta said Wednesday that the augmented and virtual reality business at the heart of its metaverse ambitions generated $877 million in revenue, but disappointing fourth-quarter earnings underscored how much the company relies on its social media businesses.

The details mark the first time the company has broken out the performance of its AR and VR unit, which is known as Reality Labs. The unprofitable unit — it lost $3.3 billion in the quarter — oversees the Oculus headset that will help anchor the company’s push into the metaverse.

Last year, Facebook rebranded itself as Meta, a change that fueled hype around the online spaces where people will be able to work and socialize as digital avatars. However, Meta remains reliant on digital advertising on the Facebook social network and its photo service Instagram even as it barrels toward the metaverse.

«While we expect Meta to ramp up testing ads and commerce within its metaverse offerings this year, those efforts will be highly experimental and not likely to drive much revenue in the near term,» said Debra Aho Williamson, a principal analyst at Insider Intelligence, which was formerly eMarketer.

In the fourth quarter, Meta posted revenue of $33.7 billion, above analyst expectations of $33.4 billion. But it earned $3.67 per share, falling short of the $3.84 per share projected by analysts surveyed by Thomson Reuters.

Meta’s stock plunged more than 20% in after-hours trading. The company’s stock ticker is expected to change to META from FB in the first half of the year.

Like other tech companies, Meta has warned that privacy changes imposed by Apple could make it harder for businesses to measure the effectiveness of their ads on Facebook and Instagram. The company also said it expected «headwinds» caused by inflation and supply chain disruptions that affect advertiser budgets.

Facebook and Instagram users are also spending more time on the platform’s short-form video product, Reels, which doesn’t generate as much revenue as the company’s News Feed or Stories where people can post content that vanishes in 24 hours. That’s partly because Reels doesn’t include as many ads compared to News Feed or Stories.

«I’m confident that leaning harder into these trends is the right short-term tradeoff to make in order to get long-term gains. We’ve made these types of transitions before with mobile feed and Stories,» Meta CEO Mark Zuckerberg said in a call with analysts Wednesday.

On top of that, Facebook is facing more competition from other apps such as short-form video app TikTok. Facebook’s daily active users in the fourth quarter dropped from 1.93 billion to 1.92 billion, with the quarterly drop mainly coming from developing countries.

Though the metaverse concept has been around for years, Meta has been hiring engineers and purchasing VR apps to bolster the creation of its virtual worlds. At Christmas, the Oculus app required to set up the Quest headset topped Apple’s App Store, suggesting that people had purchased the headsets over the holidays as a gift. The social network is also working on augmented reality glasses and, with Ray-Ban, released its first pair of smart glasses to shoot photos and videos.

Meta’s efforts to build more digital realms has been bumpy. The company still faces criticism that it doesn’t do enough to combat misinformation, hate speech and other types of offensive content, problems that will only grow more complex in the metaverse. The US Federal Trade Commission and multiple states, led by New York, are reportedly investigating potential anticompetitive practices by Oculus. This week, Meta shuttered its Diem cryptocurrency project after regulatory pushback.

The challenges haven’t stopped Meta from pushing forward with its futuristic vision of what it thinks will be the successor to the mobile internet.

«If last year was about putting a stake in the ground for where we’re heading, this year is going to be about executing,» Zuckerberg said.

Technologies

Facebook Brings Back Local Job Listings: How to Apply

One of Facebook’s most practical features from 2022 is being revived by Meta.

On the hunt for work? A Local Jobs search is being rolled out by Meta to make it easier for people in the US to discover and apply for nearby work directly on Facebook. The feature is inside Facebook Marketplace, Groups and Pages, Meta said last week, letting employers post openings and job seekers filter roles by distance, category or employment type.

You can apply or message employers directly through Facebook Messenger, while employers can publish job listings with just a few taps — similar to how you would post items for sale on Marketplace.

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Facebook offered a Jobs feature before discontinuing it in 2022, pushing business hiring toward its other platforms. Its return suggests Meta is attempting to expand Facebook’s usefulness beyond social networking and to position it once again as a hub for community-driven opportunities.

«We’ve always been about connecting with people, whether through shared interests or key life events,» the press release states. «Now, if you’re looking for entry-level, trade and service industry employment in your community, Facebook can help you connect with local people and small businesses who are hiring.»

How to get started with Local Jobs on Facebook

According to Meta, Local Jobs will appear as a dedicated section in Facebook Marketplace starting this week. If you’re 18 or older, you can:

Tap the Marketplace tab on the Facebook app or website.
Select Jobs to browse available positions nearby.
Use filters for job type, category and distance.
Tap Apply or message the employer directly via Messenger.

Businesses and page admins can post jobs by creating a new listing in Marketplace or from their Facebook Page. Listings can include job details, pay range, and scheduling information and will appear in local searches automatically.

The Local Jobs feature is rolling out across the US now, with Meta saying it plans to expand it in the months ahead.

Technologies

Tesla Has a New Range of Affordable Electric Cars: How Much They Cost

The new, stripped-back versions of the Model Y and Model 3 have a more affordable starting price.

Technologies

Today’s NYT Strands Hints, Answers and Help for Oct. 22 #598

Here are hints and answers for the NYT Strands puzzle for Oct. 22, No. 598.

Looking for the most recent Strands answer? Click here for our daily Strands hints, as well as our daily answers and hints for The New York Times Mini Crossword, Wordle, Connections and Connections: Sports Edition puzzles.

Today’s NYT Strands puzzle is a fun one — I definitely have at least two of these in my house. Some of the answers are a bit tough to unscramble, so if you need hints and answers, read on.

I go into depth about the rules for Strands in this story.

If you’re looking for today’s Wordle, Connections and Mini Crossword answers, you can visit CNET’s NYT puzzle hints page.

Read more: NYT Connections Turns 1: These Are the 5 Toughest Puzzles So Far

Hint for today’s Strands puzzle

Today’s Strands theme is: Catch all.

If that doesn’t help you, here’s a clue: A mess of items.

Clue words to unlock in-game hints

Your goal is to find hidden words that fit the puzzle’s theme. If you’re stuck, find any words you can. Every time you find three words of four letters or more, Strands will reveal one of the theme words. These are the words I used to get those hints but any words of four or more letters that you find will work:

BATE, LICE, SLUM, CAPE, HOLE, CARE, BARE, THEN, SLAM, SAMBA, BACK

Answers for today’s Strands puzzle

These are the answers that tie into the theme. The goal of the puzzle is to find them all, including the spangram, a theme word that reaches from one side of the puzzle to the other. When you have all of them (I originally thought there were always eight but learned that the number can vary), every letter on the board will be used. Here are the nonspangram answers:

TAPE, COIN, PENCIL, BATTERY, SHOELACE, THUMBTACK

Today’s Strands spangram

Today’s Strands spangram is JUNKDRAWER. To find it, look for the J that’s five letters down on the far-left row, and wind down, over and then up.

Quick tips for Strands

#1: To get more clue words, see if you can tweak the words you’ve already found, by adding an «S» or other variants. And if you find a word like WILL, see if other letters are close enough to help you make SILL, or BILL.

#2: Once you get one theme word, look at the puzzle to see if you can spot other related words.

#3: If you’ve been given the letters for a theme word, but can’t figure it out, guess three more clue words, and the puzzle will light up each letter in order, revealing the word.