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July 31, 2024, 6:40 PM
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Top News

Meta:
Meta Q2: revenue up 22% YoY to $39.07B, net income up 73% to $13.47B, family daily active people up 7% to 3.27B on average for June; META jumps 5%+ after hours  —  Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended June 30, 2024.
Jonathan Vanian / CNBC:
Meta's Reality Labs posts Q2 revenue up 28% YoY of $353M, vs. $371M est., and operating loss of $4.48B, vs. $4.55B est.; Reality Labs has lost ~$50B since 2020
New York Times:
Reid Hoffman, Vinod Khosla, Mark Cuban, Ron Conway, Chris Sacca, and 100+ other VCs pledge to vote for Kamala Harris and solicit donations for her campaign  —  The group, including Democratic donors such as Reid Hoffman and Vinod Khosla, has been organized under an effort called VCsForKamala.
CNBC:
Delta Air Lines CEO Ed Bastian says the CrowdStrike-caused outage will cost the company $500M, after canceling 6,000+ flights, and Delta will seek damages  —  WATCH NOW  —  Delta Air Lines CEO Ed Bastian said Wednesday that the massive IT outage earlier this month that stranded thousands of customers will cost it $500 million.
Sergiu Gatlan / BleepingComputer:
Microsoft says that a nine-hour outage on July 30, which disrupted multiple Microsoft 365 and Azure services worldwide, was triggered by a DDoS attack  —  Microsoft confirmed today that a nine-hour outage on Tuesday that took down and disrupted multiple Microsoft 365 and Azure services worldwide …
Wesley Yin-Poole / IGN:
Bungie says it will lay off 220 employees, or 17% of its workforce, and integrate an additional 155 roles into its parent company Sony Interactive Entertainment  —  “Today is a difficult and painful day.”  —  Destiny developer Bungie has today announced significant cuts at the studio …
Jess Weatherbed / The Verge:
Google rolls out online safety features to make removing explicit deepfakes from Search at scale easier and to prevent them from appearing high up in results  —  Google is rolling out new online safety features that make it easier to remove explicit deepfakes from Search at scale and prevent …
Karen Freifeld / Reuters:
Sources: the US plans to unveil a new rule next month to stop chipmaking equipment exports from some countries to China, exempting allies like the Netherlands  —  The Biden administration plans to unveil a new rule next month that will expand U.S. powers to stop exports of semiconductor …
Aaron Holmes / The Information:
Source: TikTok was paying Microsoft ~$20M/mo. to use OpenAI's models in Azure OpenAI Service as of March, ~25% of the total revenue that service was generating  —  Microsoft has had success reselling OpenAI's artificial intelligence to its cloud customers, a core part of its plan to build a new multibillion-dollar profit machine.
Sean Lyngaas / CNN:
A ransomware attack hits blood donation nonprofit OneBlood, which has asked over 250 hospitals in the US to activate their critical blood shortage protocols  —  A cyberattack has hit a blood-donation nonprofit that serves hundreds of hospitals in the southeastern US.
Jonathan Kemper / The Decoder:
Google unveils updates to its Gemma family of open models, including Gemma 2 2B, which it claims surpasses GPT-3.5 and Mixtral 8x7B on the LMSYS Chatbot Arena  —  Google has unveiled updates to its Gemma 2 family of open-source language models, focusing on improved performance, safety, and transparency.
Krisztian Sandor / CoinDesk:
Tether reports “record” net profit of $5.2B in H1 2024, net operating profit of $1.3B in Q2, and US debt holdings of $97.6B, more than countries like Germany  —  The company said its $97 billion exposure to U.S. Treasuries would put it 18th in the ranking among countries.
Akash Sriram / Reuters:
eBay reports Q2 revenue up 1% YoY to $2.57B, vs. $2.53B est., GMV up 1% to $18.4B, net income up 31% to $226M, and forecasts Q3 revenue below estimates  —  EBay (EBAY.O) forecast third-quarter revenue below Wall Street estimates on Wednesday, a sign that demand is slowing down for collectible items, luxury handbags and watches.
More: Bloomberg and eBay Inc.
CNBC:
Nvidia shares jump 10%+ after Microsoft and AMD signaled no slowdown in the buildout of AI servers built around GPUs; Microsoft spent $19B on capex in Q4  —  Nvidia shares popped 13% Wednesday after remarks from top customer Microsoft and rival chipmaker AMD signaled there wouldn't be a slowdown …
Billy Steele / Engadget:
Spotify plans to expand the availability of lyrics for Spotify Free users in the “coming weeks”; paid subscribers could access unlimited lyrics since May 2024  —  The company capped access at three songs per month in May.  —  Spotify users who don't pay for a subscription …
Emma Roth / The Verge:
District of Columbia AG Brian Schwalb sues StubHub, alleging the company uses a “bait-and-switch” technique where it advertises “deceptively low” ticket prices  —  StubHub is facing a new lawsuit that accuses the ticketing service of hiding fees from customers until the very end of the purchasing process.
Salvador Rodriguez / Wall Street Journal:
An investigation found 450+ illicit drug ads on Facebook and Instagram from March to June 2024, including some still running as recently as July 26  —  Instagram and Facebook, already under federal investigation, continue to run ads for illegal drugs, including ads showing piles of pills and bricks of cocaine

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This is a Techmeme archive page. It shows how the site appeared at 6:40 PM ET, July 31, 2024.

The most current version of the site as always is available at our home page. To view an earlier snapshot click here and then modify the date indicated.

From Mediagazer

Dade Hayes / Deadline:
AMC Networks says it is reducing its 1,800 person workforce by “less than 5%” through voluntary buyouts

Brier Dudley / Local News Initiative:
How three Northwest newspapers have remained independent and avoided closure: selling to employees, diversifying print operations, and nurturing future owners

Rick Porter / The Hollywood Reporter:
Sony Pictures Television and CBS settle their legal battle over the distribution of Jeopardy! and Wheel of Fortune; Sony will gradually take over distribution

More News

Andrew Liszewski / The Verge:
Nothing unveils the Phone 2A Plus, offering the same 6.7-inch display as the 2A and a new MediaTek Dimensity 7350 Pro 5G SoC, available for $399 on August 7
Chris Miller / Financial Times:
How US safeguards on the Microsoft-G42 deal, aiming to protect critical data center and AI infrastructure, could shape future international data center projects

Earlier Picks

Steve Smith / SlashGear:
Samsung Galaxy Watch Ultra review: premium materials and build quality, and powerful Exynos processor, but too expensive, large, bulky, and only one size
Alex Heath / The Verge:
After users reported that Meta's generative AI assistant incorrectly claimed the attempted Donald Trump assassination did not happen, Meta blames hallucinations
Wall Street Journal:
How Elon Musk and X's division of labor stymied some of Linda Yaccarino's plans, like a Visa deal; internal figures show X had 250.8M DAUs in Q2, up 1.56% YoY
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