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Strong showing by Alphabet, Meta signal ad market rebound underway

26Oct

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Technology

Strong showing by Alphabet, Meta signal ad market rebound underway

[ad_1] A rebound in the advertising businesses of Google, Meta and Snap signaled that the growing adoption of artificial intelligence was drawing marketers to digital platforms even in an uncertain economy.The three companies surpassed quarterly revenue expectations this week and each posted positive metrics for their ad businesses. "AI is helping advertisers find as many people as possible and their ideal audience for the lowest possible price," said Philipp Schindler, chief business officer at Alphabet's Google. The company has been doubling down on the technology with tools such as Performance Max, which uses AI to decide how marketing budgets should be distributed across Google's ad network.Schindler said that the retail segment was particularly strong during the July-September peri...

Facebook owner Meta touts AI might as digital ads boost outlook; shares jump

[ad_1] Meta Platforms Inc CEO Mark Zuckerberg said on Wednesday that AI was helping the company boost traffic to Facebook and Instagram and earn more in ad sales, as it forecast quarterly revenue well above analyst expectations. Meta shares surged 12% in after-hours trading, adding over $50 billion to its market value and continuing a rally in tech shares that started after Google parent Alphabet Inc and Microsoft Corp posted strong results on Tuesday. Meta narrowed its cost outlook range for the year, saying expenses could be less than the company forecast in March, and also beat expectations for first-quarter profit and revenue, which rose for the first time in nearly a year. The company, which has been slow to adopt AI-friendly hardware and software systems for its main business, h...

Facebook Parent Meta Reduces NYC Hudson Yards Space in Cost-Cutting Pivot

[ad_1] Facebook parent Meta Platforms Inc. is giving up some offices at Manhattan’s Hudson Yards as the company seeks to slash expenses and cull its workforce. Facebook parent Meta Platforms Inc. is giving up some offices at Manhattan's Hudson Yards as the company seeks to slash expenses and cull its workforce. Meta will return its space at 30 and 55 Hudson Yards to landlord Related Cos., according to people with knowledge of the plans, who asked not to be named because the matter is private. Meta, which leases more than 250,000 square feet (23,000 square meters) across the two towers, has declined the option to renew its lease, which runs through 2024, the people said. The social media giant in 2019 agreed to rent more than 1.5 million square feet spread among three towers at th...