Open Source

'Meta's Newly Released Large Language Model Llama-2 Is Not Open Source' 27

Earlier this week, Meta announced it has teamed up with Microsoft to launch Llama 2, its "open-source" large language model (LLM) that uses artificial intelligence to generate text, images, and code. In an opinion piece for The Register, long-time ZDNet contributor and technology analyst, Steven J. Vaughan-Nichols, writes: "Meta is simply open source washing an open but ultimately proprietary LLM." From the report: As Amanda Brock, CEO of OpenUK, said, it's "not an OSI approved license but a significant release of Open Technology ... This is a step to moving AI from the hands of the few to the many, democratizing technology and building trust in its use and future through transparency." And for many developers, that may be enough. [...] But the devil is in the details when it comes to open source. And there, Meta, with its Llama 2 Community License Agreement, falls on its face. As The Register noted earlier, the community agreement forbids the use of Llama 2 to train other language models; and if the technology is used in an app or service with more than 700 million monthly users, a special license is required from Meta. Stefano Maffulli, the OSI's executive director, explained: "While I'm happy that Meta is pushing the bar of available access to powerful AI systems, I'm concerned about the confusion by some who celebrate LLaMa 2 as being open source: if it were, it wouldn't have any restrictions on commercial use (points 5 and 6 of the Open Source Definition). As it is, the terms Meta has applied only allow some commercial use. The keyword is some."

Maffulli then dove in deeper. "Open source means that developers and users are able to decide for themselves how and where to use the technology without the need to engage with another party; they have sovereignty over the technology they use. When read superficially, Llama's license says, 'You can't use this if you're Amazon, Google, Microsoft, Bytedance, Alibaba, or your startup grows as big.' It may sound like a reasonable clause, but it also implicitly says, 'You need to ask us for permission to create a tool that may solve world hunger' or anything big like that." Stephen O'Grady, open source licensing expert and RedMonk co-founder, explained it like this: "Imagine if Linux was open source unless you worked at Facebook." Exactly. Maffulli concluded: "That's why open source has never put restrictions on the field of use: you can't know beforehand what can happen in the future, good or bad."

The OSI isn't the only open-source-savvy group that's minding the Llama 2 license. Karen Sadler, lawyer and executive director at the Software Freedom Conservancy, dug into the license's language and found that "the Additional Commercial Terms in section 2 of the license agreement, which is a limitation on the number of users, makes it non-free and not open source." To Sadler, "it looks like Meta is trying to push a license that has some trappings of an open source license but, in fact, has the opposite result. Additionally, the Acceptable Use Policy, which the license requires adherence to, lists prohibited behaviors that are very expansively written and could be very subjectively applied -- if you send out a mass email, could it be considered spam? If there's reasonably critical material published, would it be considered defamatory?" Last, but far from least, she "didn't notice any public drafting or comment process for this license, which is necessary for any serious effort to introduce a new license."
Social Networks

Threads Usage Drops By Half From Initial Surge (similarweb.com) 167

Despite being the fastest-growing online platform in history, Meta's Threads is struggling to retain regular customer engagement. According to SimilarWeb, the Twitter rival saw daily active users decline from 49 million on July 7th to 23.6 million on July 14th. Furthermore, usage in the United States declined from 21 minutes per day to just over six minutes in the same time period. Here's are the key takeaways from the report: - On its best day, July 7, Threads had more than 49 million daily active users on Android, worldwide, according to SimilarWeb estimates. That's about 45% of the usage of Twitter, which had more than 109 million active Android users that day.
- By Friday, July 14, Threads was down to 23.6 million active users, or about 22% of Twitter's audience.
- Usage in the US, which saw the most activity, peaked at about 21 minutes of engagement with the app on July 7. By July 14, that was down to a little over 6 minutes.
- In the first two full days that Threads was generally available, Thursday and Friday, web traffic to twitter.com was down 5% compared with the same days of the previous week. Although traffic bounced back, for the most recent 7 days of data it's still down 11% year-over-year.
- On the days of peak interest in Threads, Twitter's Daily active users on Android, worldwide, were virtually unchanged, but time spent was down 4.3% -- perhaps because some users were off trying Threads. Even with that drop, however, the average total time spent on Twitter was about 25 minutes.

To a large extent, Threads solves the "empty party problem" that makes it tough to start a new online community by allowing Instagram users to instantly create a Threads account, bringing their existing contacts with them. Our daily usage numbers make Meta's claim of having achieved more than 100 million total account signups in a matter of days seem reasonable. However, Threads is missing many basic features and still needs to offer a compelling reason to switch from Twitter or start a new social media habit with Threads.

Facebook

Meta Faces a $100,000 Daily Fine If It Doesn't Fix Privacy Issues In Norway (engadget.com) 26

Norway's data protection regulator has accused Meta of violating user privacy by tracking their activities, threatening to fine the company $100,000 per day if it fails to take corrective action. "It is so clear that this is illegal that we need to intervene now and immediately," said Tobias Judin, head of Norway's privacy commission, Datatilsynet. Engadget reports: The move follows a European court ruling banning Meta from harvesting user data like location, behavior and more for advertising. Datatilsynet has referred its actions to Europe's Data Protection Board, which could widen the fine across Europe. The aim is to put "additional pressure" on Meta, Judin said. (Norway is a member of the European single market, but not technically an EU member.)

Meta told Reuters that it's reviewing Datatilsynet's decision and that the decision wouldn't immediately impact its services. "We continue to constructively engage with the Irish DPC, our lead regulator in the EU, regarding our compliance with its decision," a spokesperson said. "The debate around legal bases has been ongoing for some time and businesses continue to face a lack of regulatory certainty in this area."

AI

Meta To Release Open-Source Commercial AI Model To Compete With OpenAI, Google 16

An anonymous reader quotes a report from ZDNet: Meta, formerly known as Facebook, is set to release a commercial version of LLaMA, its open-source large language model (LLM) that uses artificial intelligence (AI) to generate text, images, and code. LLaMA, which stands for Large Language Model Meta AI, was publicly announced in February as a small foundational model, and made available to researchers and academics. Now, the Financial Times is reporting that Meta is prepared to release the commercial version of the model, which would enable developers and businesses to build applications using the foundational model.

Since it's an open-source AI technology, commercial access to LLaMA gives businesses of all sizes the opportunity to adapt and improve the AI, accelerating technological innovation across various sectors and potentially leading to more robust models. Meta's LLaMA is available in 7, 13, 33, and 65 billion parameters, compared to ChatGPT's LLM, GPT-3.5, which has been confirmed to have 175 billion parameters. OpenAI hasn't said how many parameters GPT-4 has, but it's estimated to have over 1 trillion parameters -- the more parameters, the better the model can understand input and generate appropriate output.

Though open-source AI models already exist, launching Meta's LLaMA commercially is still a significant step, due to it being larger than many of the available open-source LLMs on the market, and the fact that it is from one of the biggest tech companies in the world. The launch means Meta is directly competing with Microsoft-backed OpenAI and Google, and that competition could mean significant advancements in the AI field. Closed or proprietary software, like that used in OpenAI's ChatGPT, has drawn criticism over transparency and security.
Democrats

Democrats Call On DOJ To Investigate Tax Sites For Sharing Financial Information With Meta (theverge.com) 29

Democratic senators, including Elizabeth Warren and Bernie Sanders, are calling (PDF) for an investigation into popular online tax filing companies, accusing them of sharing sensitive taxpayer data with Meta and Google without user consent. The Verge reports: On Tuesday, Sens. Elizabeth Warren (D-MA), Bernie Sanders (I-VT), and others asked the Justice Department, Federal Trade Commission, Treasury Department, and the IRS to investigate whether TaxSlayer, H&R Block, and TaxAct violated taxpayer privacy laws by sharing sensitive user information with the two tech firms. Senators also released (PDF) their own report Wednesday detailing the accusations, first raised by The Markup last November.

The report alleges that for years, tax preparation companies infused their products with Meta and Google tracking pixels that revealed identifying information -- like a user's full name, address, and date of birth. The senators also suggest that some of the information provided, like the forms a user accessed, could be used to show "whether taxpayers were eligible for certain deductions or exemptions." The senators claim that the companies did not receive user consent to share this information, which could violate laws banning tax preparers from sharing tax return information with third parties, especially since much of this data could be used for advertising purposes.

Social Networks

Instagram's Threads Surpasses 100 Million Users (theverge.com) 79

Last week, Meta's new Twitter competitor, Threads, was launched to the public and achieved an impressive milestone by surpassing 30 million sign-ups in less than 24 hours. This made Threads the fastest app to reach the 1 million users mark, beating ChatGPT's record. In a recent update, Meta CEO Mark Zuckerberg announced that the social media app has now exceeded 100 million users, just days after its initial launch. The Verge reports: Instagram head Adam Mosseri also posted about it, likewise noting that it took just five days to get there. Users aren't just signing up: they're posting, too. As of Thursday, my colleague Alex Heath reported that there have already been more than 95 million posts and 190 million likes shared on the app.

That said, Threads is still in its infancy, and we'll have to wait and see if it captures the same cultural cachet that Twitter once did. Meta isn't specifically targeting trying to replace Twitter, according to Instagram head Adam Mosseri, and the company isn't going to actively encourage politics and hard news on the platform, but it could end up being the place people go for a conversation-based social media platform. And while Meta "couldn't be more psyched" about how the launch week has gone, "we don't even know if this thing is retentive yet," Mosseri said.

Although the numbers aren't directly comparable, as of last November Twitter had around 260 million monetizable daily active users, per a tweet from owner Elon Musk at the time. More recently, The Wall Street Journal reports it's been telling advertisers that it has around 535 million monetizable monthly active users.

Social Networks

Threads Passes 30 Million Sign-Ups In Less Than 24 Hours (techcrunch.com) 110

After surpassing 10 million sign-ups in the first seven hours, Meta's new Twitter rival, Threads, has reached a new milestone: 30 million sign-ups in less than 24 hours. TechCrunch reports: Threads passed 2 million signups in its first two hours live in the App Store and shows no signs of slowing down. Meta CEO Mark Zuckerberg noted the milestone on his Threads account. Threads was available for "preorder" through iOS, notifying users who were alerted of its existence through a flashy Instagram cross-promotion. Threads is deeply tied into Instagram and Instagram accounts now display a Threads user number so the counting is both transparent and happening in real time. Users who opted into the Threads pre-launch received a push notification when Threads went live on Wednesday afternoon and could immediately hop into Meta's latest app. Threads is also now the fastest app to cross the 1 million users mark, beating ChatGPT's record.

Further reading: Twitter Threatens To Sue Meta Over Threads
Social Networks

Meta Launches New Social Media App 'Threads' To Rival Twitter (theverge.com) 45

Instagram's new Twitter competitor called Threads launched today on the web, providing an early look at what to expect from the app that will launch on iOS and Android tomorrow. You can view the web interface here. The Verge reports: Meta briefly made Threads available on the web before pulling profiles offline a few hours later. The Verge was able to access Meta CEO Mark Zuckerberg's first thread (is that what we call them?!) using the web app, and many other brands and creators including Netflix, Gary Vee, and Instagram.

The web interface is fairly basic right now for viewing threads, with options to like, comment, repost, and share -- all prompting you to download the mobile app for the time being. If you're in an unsupported country, like markets in the EU, then you'll only be able to view threads right now. Much like Twitter, you can view an account's main posts in one section and the full reply history in another.

Fediverse integration won't be available immediately at the launch of Threads, but it's clear Instagram is looking to add this soon. Profiles include an Instagram username and link, with a threads.net label that includes the following description: "Soon, you'll be able to follow and interact with people on other fediverse platforms, like Mastodon. They can also find people on Threads using full usernames, like @zuck@threads.net."

Facebook

Meta Is Planning To Let People In the EU Download Apps Through Facebook (theverge.com) 28

Meta is planning to allow users in the EU to directly download apps through Facebook ads, aiming to compete with Google and Apple's app stores. The Verge's Alex Heath writes: The new type of ad is set to start as a pilot with a handful of Android app developers as soon as later this year, I've learned. Meta sees an opening to try this thanks to new regulation in the EU called the Digital Markets Act (DMA) that is expected to go into effect next spring. It deems Apple and Google as "gatekeepers" and requires that they open up their mobile platforms to alternative methods of downloading apps. Android technically allows sideloading already, though Google makes it difficult by coupling its in-app billing and licensing with the Play Store, along with the scary warnings it shows when someone tries to download an Android app from another source. Even still, Meta clearly thinks it's safer to try its test first on Android rather than Apple's iOS.

Meta's pitch to developers participating in the pilot is that, by hosting their Android apps and letting Facebook users download them directly without being kicked out to the Play Store, they'll see higher conversion rates for their app install ads. At least initially, Meta doesn't plan to take a cut of in-app revenue from participating apps, so developers in the pilot could still use whatever billing systems they want.

Technology

Meta Launches VR Subscription Service (cnbc.com) 31

Meta has introduced a new VR subscription service called Meta Quest+ that costs $7.99 a month. Subscribers will get access to two new games each month, which they can play as long as the subscription is active. CNBC reports: Meta Quest+ costs $7.99 a month and is compatible with the Quest 2, the Quest Pro and the upcoming Quest 3. The subscription service marks Meta's latest effort to generate recurring revenue from its Reality Labs unit, which is developing virtual reality and augmented reality technologies. New games will launch for Meta Quest+ subscribers on the first of each month. The games can be played as long as the subscription is active.

In July, subscribers will get the games "Pixel Ripped 1995" and "Pistol Whip." Users will then receive "Walkabout Mini Golf" from Mighty Coconut and "Mothergunship: Forge" from Terrible Posture Games in August. Meta Quest+ is available in the Meta Quest Store starting Monday.

Canada

Meta Pulls News Content From Canadian Facebook and Instagram (engadget.com) 43

Meta has confirmed that it will remove all news content from Facebook and Instagram for users in Canada, following the passing of the Online News Act by the Canadian Parliament. Engadget reports: "Today, we are confirming that news availability will be ended on Facebook and Instagram for all users in Canada prior to the Online News Act (Bill C-18) taking effect," the company posted. "We have repeatedly shared that in order to comply with Bill C-18, passed today in Parliament, content from news outlets, including news publishers and broadcasters, will no longer be available to people accessing our platforms in Canada."

The Online News Act is designed to address the precipitous drop in advertising revenue Canadian news organizations have experienced over the past two decades. It does so by requiring big tech companies like Google and Meta to negotiate reimbursement plans with those outlets for running said stories on their respective platforms. Earlier in June, Meta announced that it was working to develop a software-based solution to its C-18 issue. As of Thursday, those efforts remain ongoing "and currently impact a small percentage of users in Canada." Aside from the loss of news functionality, Meta assures its users that no other aspects of the Facebook experience will be impacted.

AI

Meta Says Its New Speech-Generating AI Model Is Too Dangerous For Public (theverge.com) 61

An anonymous reader quotes a report from The Verge: Meta says its new speech-generating AI model is too dangerous for public release. Meta announced a new AI model called Voicebox yesterday, one it says is the most versatile yet for speech generation, but it's not releasing it yet: "There are many exciting use cases for generative speech models, but because of the potential risks of misuse, we are not making the Voicebox model or code publicly available at this time."

The model is still only a research project, but Meta says can generate speech in six languages from samples as short as two seconds and could be used for "natural, authentic" translation in the future, among other things.

AI

Meta Open Sources An AI-Powered Music Generator (techcrunch.com) 39

TechCrunch's Kyle Wiggers writes: Not to be outdone by Google, Meta has released its own AI-powered music generator -- and, unlike Google, open-sourced it. Called MusicGen, Meta's music-generating tool, a demo of which can be found here, can turn a text description (e.g. "An '80s driving pop song with heavy drums and synth pads in the background") into about 12 seconds of audio, give or take. MusicGen can optionally be "steered" with reference audio, like an existing song, in which case it'll try to follow both the description and melody.

Meta says that MusicGen was trained on 20,000 hours of music, including 10,000 "high-quality" licensed music tracks and 390,000 instrument-only tracks from ShutterStock and Pond5, a large stock media library. The company hasn't provided the code it used to train the model, but it has made available pre-trained models that anyone with the right hardware -- chiefly a GPU with around 16GB of memory -- can run.

So how does MusicGen perform? Well, I'd say -- though certainly not well enough to put human musicians out of a job. Its songs are reasonably melodic, at least for basic prompts like "ambient chiptunes music," and -- to my ears -- on par (if not slightly better) with the results from Google's AI music generator, MusicLM. But they won't win any awards.

Facebook

What Mark Zuckerberg Thinks About Apple's Vision Pro (theverge.com) 103

An anonymous reader quotes a report from The Verge: Mark Zuckerberg doesn't seem fazed by Apple's introduction of the Vision Pro. In a companywide meeting with Meta employees today that The Verge watched, the CEO said Apple's device didn't present any major breakthroughs in technology that Meta hadn't "already explored" and that its vision for how people will use the device is "not the one that I want." He also pointed to the fact that Meta's upcoming Quest 3 headset will be much cheaper, at $499 compared to the Vision Pro's $3,499 price tag, giving Meta the opening to reach a wider user base.

"I think that their announcement really showcases the difference in the values and the vision that our companies bring to this in a way that I think is really important," Zuckerberg told employees, who were gathered at the company's Menlo Park, California, headquarters for its first all-hands meeting since 2020. Zuckerberg said that the Quest is about "people interacting in new ways and feeling closer" while also "about being active and doing things." "By contrast, every demo that they showed was a person sitting on a couch by themself," he said of Apple's WWDC keynote earlier this week. "I mean, that could be the vision of the future of computing, but like, it's not the one that I want."

Facebook

More Than 2,000 Families Suing Social Media Companies Over Kids' Mental Health (cbsnews.com) 92

schwit1 shares a report from CBS News: When whistleblower Frances Haugen pulled back the curtain on Facebook in the fall of 2021, thousands of pages of internal documents showed troubling signs that the social media giant knew its platforms could be negatively impacting youth, and were doing little to effectively change it. With around 21 million American adolescents on social media, parents took note. Now, families are suing social media. Since we first reported this story last December, the number of families pursuing lawsuits has grown to over 2,000. More than 350 lawsuits are expected to move forward this year against TikTok, Snapchat, YouTube, Roblox and Meta -- the parent company to Instagram and Facebook.

Kathleen Spence: They're holding our children hostage and they're seeking and preying on them. Sharyn Alfonsi: Preying on them? Kathleen Spence: Yes. The Spence family is suing social media giant Meta. Kathleen and Jeff Spence say Instagram led their daughter Alexis into depression and to an eating disorder at the age of 12. [...] Attorney Matt Bergman represents the Spence family. He started the Social Media Victims Law Center after reading the Facebook papers and is now working with more than 1,800 families who are pursuing lawsuits against social media companies like Meta. Matt Bergman: Time and time again, when they have an opportunity to choose between safety of our kids and profits, they always choose profits.

This summer, Bergman and his team plan on starting the discovery process for the federal case against Meta and other social media companies, a multi-million dollar suit that he says is more about changing policy than financial compensation. This summer, Bergman and his team plan on starting the discovery process for the federal case against Meta and other social media companies, a multi-million dollar suit that he says is more about changing policy than financial compensation. Matt Bergman: They have intentionally designed a product that is addictive. They understand that if children stay online, they make more money. It doesn't matter how harmful the material is.

Facebook

Meta Threatens To Yank News Content From California Over Payments Bill (reuters.com) 68

Meta announced that it would remove news content from its platform in California if the state government passes legislation requiring tech companies to pay publishers. Reuters reports: The proposed California Journalism Preservation Act would require "online platforms" to pay a "journalism usage fee" to news providers whose work appears on their services, aimed at reversing a decline in the local news sector. In a tweeted statement, Meta spokesman Andy Stone called the payment structure a "slush fund" and said the bill would primarily benefit "big, out-of-state media companies under the guise of aiding California publishers."

The statement was Meta's first on the California bill specifically, although the company has been waging similar battles over compensation for news publishers at the federal level and in countries outside the United States.

Facebook

Facebook Parent In Talks With Magic Leap Over Augmented Reality Deal (ft.com) 13

Facebook's parent company Meta is reportedly in discussions with augmented reality start-up Magic Leap to establish a multiyear agreement for intellectual property licensing and contract manufacturing in North America. While the partnership is not expected to result in a joint headset, Magic Leap's technology could play a crucial role in Meta's ambitious metaverse project as it seeks to compete with Apple's upcoming mixed reality device. The Financial Times reports: Magic Leap produces custom components, including high-tech lenses and associated software, which are key technologies that may be required to build a metaverse. Two former employees said Magic Leap's "biggest asset" is the sophistication of its "waveguides" -- technology that allows thin glass in front of the user's eyes to conjure up realistic images at different depths.

Meta sells nearly 80 per cent of all VR/AR headsets, thanks to its VR Quest models. But the market itself is small -- fewer than 9mn units sold last year, according to IDC -- a tenuous lead given Apple's expected entry into the market during its developer conference next month.
The company told the Financial Times: "Given the complexities of developing true augmented reality technologies and the intricacies involved with manufacturing these optics, as well as the issues many companies experience with overseas supply chain dependencies, we have entered into several non-exclusive IP licensing and manufacturing partnerships with companies looking to enter the AR market or expand their current position."
The Almighty Buck

Metaverse Could Contribute Up To 2.4% of US GDP By 2035, Study Shows (reuters.com) 88

A study commissioned by Meta has found that the metaverse could contribute around 2.4% to U.S. annual GDP by 2035, equating to as much as $760 billion. Reuters reports: The concept of the metaverse includes augmented and virtual reality technologies that allow users to immerse themselves in a virtual world or overlay information digitally on images of the real world, according to the report by consulting firm Deloitte. Economic gains may come from the use of the technologies in the defense, medical and manufacturing sectors, plus entertainment use cases such as video games and communication, the report said.

Social media giant Meta, which pivoted its focus on building metaverse technologies in 2021, has forecast the tech would eventually replace mobile as the main computing platform. In a separate report, Meta said the European Union may see an increased economic opportunity of up to 489 billion euros ($538.29 billion) in annual GDP by 2035 or about 1.3%-2.4% of its total GDP. The metaverse could contribute between C$45.3 billion ($33.88 billion) and C$85.5 billion to Canada's annual GDP by 2035, Deloitte said.
Last year, a Meta-funded report estimated that metaverse adoption would contribute $3.01 trillion by 2031.
Facebook

FTC Proposes Barring Meta From Monetizing Kids' Data (cnbc.com) 11

The FTC is proposing to prevent Meta from monetizing children's data due to alleged violations of a 2020 privacy order. CNBC reports: According to the FTC, an independent assessor found "several gaps and weaknesses in Facebook's privacy program" that posed "substantial risks to the public." The company had agreed to independent assessments of its updated privacy program as part of the 2020 settlement, under which Facebook paid a $5 billion civil penalty following an FTC investigation around the Cambridge Analytica data scandal. The FTC alleges Facebook also violated an earlier 2012 order by continuing to allow app developers access to private user information. Facebook allowed third-party apps to access user data until mid-2020 in some cases, the FTC alleges. The FTC is also accusing Meta of violating the Children's Online Privacy Protection Rule by misrepresenting parental controls on its Messenger Kids app. The COPPA Rule requires parental consent for websites to collect personal information from kids under 13. The FTC alleged that while the company marketed that the app would only allow kids to talk with contacts their parents approved, children were able to communicate with additional contacts in group chats or group video calls in some circumstances.

As a result, the FTC is proposing to strengthen the terms of the 2020 agreement to put additional restrictions on the company, which would apply to all of Meta's services including Facebook, Instagram, WhatsApp and Oculus. The proposed terms include a blanket ban on monetizing data from users under 18. That means any data collected from these users could only be used for security reasons and any data collected while users are under age could not be later monetized once they turn 18. The FTC also seeks to impose a pause on the company's ability to launch new or modified products or services until the independent assessor confirms in writing that Meta's privacy program is in full compliance with the terms of the agreement. Compliance with the 2020 order would also extend to any companies Meta acquires or merges with. The proposal would also require Meta to get affirmative consent from users for future use of facial recognition technology.
Facebook spokesperson Andy Stone called the FTC's move a "political stunt." He said in a statement: "Despite three years of continual engagement with the FTC around our agreement, they provided no opportunity to discuss this new, totally unprecedented theory. We have spent vast resources building and implementing an industry-leading privacy program under the terms of our FTC agreement. We will vigorously fight this action and expect to prevail."
Businesses

Meta Records Almost $4 Billion Loss On Metaverse In First Quarter (cnbc.com) 97

In its first-quarter earnings report today, Meta said its virtual reality and augmented reality unit, Reality Labs, recorded a $3.99 billion operating loss. The unit generated just $339 million in revenue. CNBC reports: The numbers show a slowdown from last quarter, when Reality Labs lost $4.28 billion on $727 million of revenue. For all of last year, Reality Labs recorded an operating loss of $13.72 billion on $2.16 billion in sales, underscoring how VR and AR technologies have yet to reach the mainstream. Despite Reality Labs' operating loss, Meta posted first-quarter net earnings of $5.71 billion, or $2.20 a share, with revenue up less than 3% to $28.65 billion from $27.91 billion a year ago. This sent its stock soaring more than 10% in extended trading Wednesday.

"Facebook had 2.04 billion daily active users, up 5% from a year ago, and the 'family' of Meta apps -- which includes Instagram -- reported daily active users of 3.02 billion, up 4%," adds MarketWatch.

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