Techmeme
October 27, 2022, 4:56 PM

Top News

Sofia Pitt / CNBC:
Meta's stock closes down 24.56% at $97.94, its lowest price since 2016, after Mark Zuckerberg reiterated his commitment to spending billions on the metaverse  —  - The parent company of Facebook reported its second straight quarterly decline.  — Meta's Reality Labs division …
Ari Levy / CNBC:
Meta, which hit a $1T market cap in June 2021, is no longer among the 20 most valuable US companies, after losing $730B+ in value since its September 2021 peak  —  - Last year, Facebook was among the five most valuable U.S. companies, with a market cap over $1 trillion.  Now the company is worth about $270 billion.
Apple:
Apple reports record Q4 revenue up 8% YoY to $90.1B, net income up 1% YoY to $20.7B, and annual revenue up 8% YoY to $394.3B  —  September quarter record for Revenue and EPS  —  Active installed base of devices reaches all-time high for all major product categories
Kif Leswing / CNBC:
Apple Q4: iPhone revenue up 9.67% YoY to $42.63B, Mac up 25.3% to $11.51B, iPad down 13.06% to $7.17B, Other Products up 9.8% to $9.65B, and Services up 4.98%  —  - Apple reported fiscal fourth-quarter earnings on Thursday that beat Wall Street expectations on revenue and earnings per share.
Todd Spangler / Variety:
Wall Street Journal:
Sources: ahead of Elon Musk's takeover, advertisers on Twitter are concerned about looser content moderation and potential conflicts of interest for car ads  —  Marketers worry about the Tesla CEO's stance on content moderation, potential conflicts in auto advertising if the Twitter deal completes
Wall Street Journal:
Edward Ludlow / Bloomberg:
Mia Sato / The Verge:
Amazon:
Amazon reports Q3 revenue up 15% YoY to $127.1B, net income down 9% YoY to $2.9B, and AWS revenue up 27% YoY to $20.5B; stock is down 17%+ on weak Q4 guidance  —  Amazon.com, Inc. (NASDAQ: AMZN) today announced financial results for its third quarter ended September 30, 2022.
David Gutman / The Seattle Times:
A Washington judge fines Meta $24.66M, the maximum possible amount, after finding the company intentionally violated campaign finance disclosure laws 822 times  —  Meta, Facebook's parent company, was fined nearly $25 million Wednesday for intentionally and repeatedly violating Washington's campaign finance laws.
Sohee Kim / Bloomberg:
Samsung Electronics formally names de facto leader Jay Y. Lee as executive chairman; his ascension was delayed by graft investigations and two stints in jail  —  Samsung Electronics Co. named Jay Y. Lee executive chairman of South Korea's largest company, finalizing a long-anticipated elevation …
Financial Times:
Sources: TikTok plans to add a dedicated gaming tab to its app, announced as soon as November 2, featuring ad-supported mobile games and in-game purchases  —  Dedicated tab on platform's homepage is company's first venture beyond videos  —  TikTok is making a big push into gaming …
The Verge:
Spotify updates its iOS app to remove audiobook purchasing instructions, replaced with a message saying “it's not ideal”, to comply with Apple's App Store rules  —  An update for Spotify's iOS app released Thursday had a big change for its audiobooks vertical — and not for the better.

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