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July 31, 2024, 5:25 PM
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Top News

Meta:
Meta reports Q2 revenue up 22% YoY to $39.07B, net income up 73% YoY to $13.47B, and family daily active people up 7% YoY to 3.27B on average for June 2024  —  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 …
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.
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.
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.
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 …
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.
Jason Del Rey / Fortune:
Interviews with 24 current and former Amazon staff say Jeff Bezos' Amazon Way principles remain core under Andy Jassy but are now less universally agreed upon  —  When Amazon ordered most workers back to the office three days a week in February 2023, Pamela Hayter was not happy about the end of a popular pandemic-era arrangement.
More: The Verge.  Forums: Hacker News
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
Alex Heath / The Verge:
Reddit CEO says Microsoft, Anthropic, and Perplexity need to pay to scrape the site's data, and it has been “a real pain in the ass to block these companies”  —  After striking deals with Google and OpenAI, Reddit CEO Steve Huffman is calling on Microsoft and others to pay if they want to continue scraping the site's data.
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.
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  —  - Premium materials and build quality - Significantly improved GPS tracking - New powerful Exynos processor - Excellent activity and sleep tracking
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  —  Plus is often used in smartphone naming to delineate a larger model with a bigger screen, but that's not the case here.
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  —  Meta's AI assistant incorrectly said that the recent attempted assassination of former President Donald Trump didn't happen …

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This is a Techmeme archive page. It shows how the site appeared at 5:25 PM ET, July 31, 2024.

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From Mediagazer

Jonathan Stempel / Reuters:
A New York judge finds Sirius XM liable for a difficult subscription cancellation process; Sirius says it will appeal but abide by a new “click-to-cancel” rule

Brian Steinberg / Variety:
Sources: NBCUniversal Vice Chairman Bonnie Hammer plans to leave the company at the end of the year; she has been with the company since 2004

Peter Kafka / Business Insider:
A Q&A with Chris Balfe, CEO of Red Seat Ventures, which has helped Tucker Carlson and Megyn Kelly set up their podcast and streaming businesses and sell ads

More News

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
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

Sheila Chiang / CNBC:
Samsung reports Q2 revenue up 23.42% YoY to ~$53.45B, vs. ~$53.3B est., and operating profit up 1,458% YoY to ~$7.5B, as AI memory chip demand remains strong
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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