💰 Meta's Q3 2023 Profit Soars 164%, Reveals $37 Billion for Share Repurchases

Greetings, digital explorers!

October 26, 2023, marks another day filled with riveting advancements in the tech world. We've handpicked the most compelling stories to kickstart your day. Here's your first glimpse:

• Meta's Metaverse Loss - A surprising $3.7B Q3 hit.

• Watch's Double-Tap - A game-changing gesture unveiled.

• iOS 17.1 Highlights - Discover the iPhone's transformative features.

• Startup's Public Shift - Navigating the leap to public trading.

• Meta's Profit Rocket - Q3 soars with a hefty share repurchase.

• Bard's Email Revamp - Google streamlines with image integration.

• Grammarly's Voice Revolution - Writing meets AI voice-matching.

• AI Safety Funding - Tech titans pledge a groundbreaking $10M.

• Meta's China Surge - Sales boom despite a regional ban.

• AirPods 2024 Tease - Fresh design with the promise of USB-C.

Feeling intrigued? We sure hope so. Read on for the complete breakdown and dive deep into the narratives shaping our tech future.

Tech Companies

Meta's $3.7B Q3 Reality Labs Loss Amid Metaverse Drive (5-minute read)

Meta reported a $3.7 billion Q3 loss in its Reality Labs division, due to reduced Meta Quest 2 sales and ongoing product development. The firm expects continued losses in the Reality Labs division and a shift of resources towards AI. It also introduced its second generation of Ray-Ban Meta smart glasses and the Quest 3 headset.

Banned in China, Meta Still Sees 23% Sales Boost From Region (5-minute read)

Despite being banned in China, Meta famously thrives on Chinese companies' significant advertising expenditure to reach global consumers. The tech giant's Q3 report showcased a resilient 23% sales escalation, outperforming competitors Snapchat and former Twitter, which is markedly attributed to Chinese online retailers and gaming enterprises. However, a careful future outlook has been highlighted due to unpredictable macro factors.

Threads Nears 100 Million Users, Aims to Topple Twitter: Zuckerberg (5-minute read)

Meta's Threads has garnered just under 100 million monthly users since July. Plans to further grow the user base and add more features are in motion.

AI Corner

Tech Titans Unite for AI Safety Standards, Pledge $10M: A Game-changer? (7-minute read)

Microsoft, OpenAI, Google, and Anthropic have pledged a united effort towards the creation of safety standards for artificial intelligence under a new director, filling a perceived gap in global regulation. Named the Frontier Model Forum, the alliance intends to commit $10mn to an AI safety fund. The Forum will focus on potential risks including AI's ability in designing bioweapons and generating computer code facilitating critical system hacking.

Grammarly Aims to Revolutionize Writing with AI Voice-Match Feature (7-minute read)

Grammarly is rolling out a new feature for its business tier users named "Personalized Voice Detection and Application" by the end of this year. The AI tool detects a user's unique writing style, generating a " voice profile" that can manipulate any text to mirror that style. This comes amid debates about credit and compensation for AI-generated content that bear remarkable resemblance to human creators' styles.

Google Bard Upgrade: Streamlined Email Summarization and Image Integration (3-minute read)

Google Bard's latest upgrade enhances email summarization and image handling in shared chats, making inbox management more efficient. The AI chatbot can now scan Gmail, Docs, and Drive for specific content, and users control privacy settings. However, the service currently only supports English.

DataGPT Emerges from Stealth, Launches Transformative AI Analyst for Direct Data Conversations (7-minute read)

DataGPT, a California startup, has launched its new AI Analyst, a tool designed to enable businesses to communicate directly with their data. The tool merges a large language model with DataGPT’s analytics engine to deliver actionable insights.

Revolutionary 'Woodpecker' Framework Takes on AI Hallucination Problem: Transforming MLLM Accuracy (8-minute read)

Researchers at USTC and Tencent YouTu Lab have developed Woodpecker, an innovative framework to correct AI hallucinations in multimodal large language models, without demanding data-intensive retraining.

Google's AI Products: Subscription Models on the Horizon? (6-minute read)

Google's CEO, Sundar Pichai, hinted at a subscription-based model for new AI products in Q3 earnings call, spurred by rising YouTube subscriptions revenue.

Markets & Money

Imminent Recession Predicted by 'Bond King' Gross: Continual Strategy Adjustments Necessary (7-minute read)

Billionaire investor Bill Gross predicts a US recession in Q4 citing regional bank issues and increased auto loan delinquencies. Gross recommends investments in the Treasury yield curve, SOFR futures, and equity arbitrage, including Capri Holdings and Seagan. Fellow investor, Bill Ackman has closed short bets on US Treasury bonds, characterizing the economic slowdown as more drastic than recent data suggests.

Meta's Q3 2023 Profit Soars 164%, Reveals $37 Billion for Share Repurchases (8-minute read)

Meta Platforms, the parent company of Facebook, has provided its Q3 2023 financial report, revealing a 23% YoY increase in revenue to $34.15 billion. Operating income rose by 143% to $13.74 billion, while the net income stood at $11.58 billion, a 164% surge compared to the same period in 2022. Amid its advancements with AI and mixed reality, the company forecasted its total revenue for Q4 2023 to range between $36.5 billion and $40 billion.

Insights & Analysis

Navigating The Public Company Transition: Key Factors Tech Startups Must Consider (12-minute read)

Going public as a company requires a credible growth story, operating leverage, and the capacity for accurate forecasting, particularly for growth-stage companies still burning cash. Maintaining investor confidence requires solid shareholder communication, a growth model showing 20%+ growth in year six of a financial model, and an ability to meet or exceed financial targets. Operating expenses should only grow at 85% of the revenue growth rate, while stock burn should be kept at 2-3% annually. Public companies should aim to forecast their business within +/-10% four quarters in advance.

Apps & Gadgets

Unveiling iOS 17.1: Top 5 Features Transforming Your iPhone Experience (3-minute read)

Apple has released iOS 17.1, available to iPhone Xs users or later, with a number of notable new features. Upgrades include AirDrop transfers over cellular networks when Wi-Fi is out of range, personalized 'Favorites' in Apple Music, more control over the display in Standby Mode, broadened flashlight indicators, and the 'Photo Shuffle' feature which pulls images for your lock screen from chosen albums. The new iPadOS 17.1 update is now also available.

Revolutionary Apple Watch Feature: Double-Tap Gesture Ushers in New Wearable Era (15-minute read)

The Apple Watch's recent update introduced the Double Tap feature, enhancing hands-free operation driven by machine learning on the new S9 chip. Despite limitations, it initiates a shift towards phone-independent smartwatch usage, potentially paving the way for vision pro and smart glasses.

Apple Revamps AirPods Lineup: New Designs and USB-C Coming in 2024 (7-minute read)

Apple is preparing a comprehensive revamp of its AirPods lineup, set for 2024-2025, featuring updated designs, improved audio quality, and upgraded product differentiation, including USB-C charging.

Apple TV Overhaul: Single Store for Video Purchases, Rentals by Year End (3-minute read)

Apple is overhauling Apple TV, centralising content purchases and rentals into one app, featuring a Netflix-like aesthetic, set to launch in December with tvOS 17.2.