Facebook tops expectations with more than $6bn in profit

Shares of the world’s largest social network rose on Wednesday but the company remains under pressure from regulators. Social media giant Facebook Inc reported better-than-expected quarterly revenue on Wednesday and profit rose as growth in expenses slowed from a year earlier, easing investor fears of financial fallout from fierce scrutiny by regulators and legislators. Shares of the company rose nearly three percent after hours. Facebook’s third-quarter revenue rose 28 percent compared with a year ago to $17.38bn, beating analysts’ average estimate of $17.37bn, according to IBES data from Refinitiv. Facebook…

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Fortnite’s black hole teases the future of entertainment

As audiences have embraced on-demand video services, algorithmic feeds, and an ever-growing number of digital “things to do,” our collective attentions have become hyper-fragmented. Yet we know that audiences actually love shared live experiences. Jeopardy is more fun watched with others. Movies are funnier in a packed theater. It’s hard to enjoy sporting events that happened hours earlier The durability of this appeal spans generations: Boomers watched the moon landing together, Generation X witnessed the end of M*A*S*H, and millennials recently collectively viewed (and complained about) the ending to Game…

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What you should know if your smart TV makes you feel dumb

If it seems as though televisions have gotten very complicated very fast, it’s not just you. Sometimes smart technology can make us feel, well, dumb. You must contend with a number of abbreviations — LCD, OLED, HDR, HDMI and more — and widely varying price points. What does it all mean, and why can’t we just go buy a TV? To break it down, we talked to technology experts, a deals guru and an interior design expert — because you shouldn’t need a degree in TV to binge-watch “Stranger Things.”…

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Amazon pumps more than $600m into India units

Amazon founder Jeff Bezos has committed to spending more than $5bn in the Indian market. Amazon.com Inc has invested about 45 billion rupees ($634.5m) into its Indian subsidiaries as the Seattle-based e-commerce giant ramps up operations in one of its fastest-growing markets. Documents filed with the Registrar of Companies showed that Amazon had pumped the money into its retail, food and payments units. The company did not immediately clarify where or how the money would be used. India is among the last frontiers for Amazon and a crucial market for…

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Is enough being done to combat cybercrimes?

The global cost of online crime is expected to reach six trillion dollars by 2021. Cyberattacks are now one of the biggest concerns for governments and companies across the world. In the past year alone, there has been an 11 percent increase in security breaches by hackers. These growing figures show just how big a threat cybercrime has become. With security experts fighting the hackers, the cybercrime economy is growing so quickly, it is now making profits of $1.5 trillion each year. A recent Microsoft survey suggests executives now consider…

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US may bar Huawei, ZTE from government subsidy programme

The US telecom regulator wants to classify the Chinese firms as national security risks, affecting rural US carriers. Rural telecom carriers in the United States could lose access to an $8.5bn government fund to purchase equipment or services from China‘s Huawei Technologies and ZTE Corp, as the US telecommunications regulator plans to vote in November to designate them as national security risks. The Federal Communications Commission (FCC) also plans to propose requiring those carriers to remove and replace equipment from such designated companies, its officials said on Monday. At a meeting…

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China’s tech firms fight for survival under Trump’s blacklist

Despite warning of lower profits after the US blacklisting, firms like SenseTime and Megvii are pressing ahead. The co-founder of China’s SenseTime Group Ltd. was visiting New York to encourage more collaboration with the U.S. on artificial intelligence when he heard the news: The Trump administration had blacklisted his company. So much for more cooperation. Xu Bing, the 29-year-old co-founder, knew SenseTime was at risk given rising tensions between China and the U.S., but the timing took him by surprise. He was spending a few days showing off his latest…

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As Google invests in new areas, Alphabet misses earnings forecast

Under intense regulatory pressure, the search giant looks to broaden its business beyond search, advertising and video. Google parent Alphabet Inc missed analysts’ estimates for quarterly profit on Monday as it reported its highest-ever quarterly expenses, sending shares down even though revenue growth topped expectations. The world’s dominant provider of internet search, advertising and video services has increased spending in recent years on certain new business areas – including cloud computing and consumer electronics – that it views as essential to maintaining its industry leadership in the face of stiff…

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Facebook unveils News Tab, plans to pay selected publishers

Social media giant launches a news section and announces plans to pay some media organisations for headlines. Facebook announced plans to pay a selection of media organisations for news headlines as the social media giant unveiled the “News Tab”. The new section in the Facebook mobile app will display headlines – and nothing else – from the Wall Street Journal, the Washington Post, BuzzFeed News, Business Insider, NBC, USA Today, and the Los Angeles Times, among others. Local stories from several of the largest US cities will also make the grade;…

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China’s answer to WeWork, UCommune, files for US IPO

Beijing-based company surprised investment bankers by chasing a public listing after WeWork’s IPO debacle. Office-sharing firm WeWork’s disastrous attempt at going public is reportedly not deterring its smaller Chinese rival from seeking an initial public offering (IPO) in the United States. China‘s biggest shared workspace provider, Ucommune, has filed a confidential prospectus with the US securities regulator to launch its IPO before the end of the year, two people with direct knowledge of the matter told the Reuters news agency. The Beijing-based firm’s decision to explore a listing has surprised…

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#earningsmiss: Twitter’s results fall short of expectations

Revenue and profit for Twitter’s fourth quarter missed analyst expectations, resulting in heavy selling of its shares. For Twitter, the social media giant’s latest quarterly results have been nothing to tweet home about. Technical glitches and weak summer demand dragged down the company’s quarterly revenue and profit, disappointing Wall Street and sending its shares falling by more than 20 percent. The technical issues affected its advertising platform, hindering users from being able to target ads and share data with partners, Twitter’s Chief Financial Officer Ned Segal said on Thursday. “These issues…

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Hands off the wheel: Drivers warm towards autonomous cars

A new survey shows acceptance of autonomous vehicles is growing in the US. About 40 percent of adult drivers in the United States are leaning towards buying self-driving cars in the future as they look to snack, chat on their phone or catch up on email while the car drives itself, a survey by Adobe Analytics showed. The survey of 1,040 US adults over the age of 18 revealed that drivers are ready for more self-driving cars on the road and have plans to make them an extension of their…

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Google touts quantum computing milestone

Quantum processor completes task in minutes that would take traditional supercomputer thousands of years, Google says. Google has said it has achieved a breakthrough in quantum computing research, saying an experimental quantum processor has completed a calculation in just a few minutes that would take a traditional supercomputer thousands of years. The findings, published on Wednesday in the scientific journal Nature, show that “quantum speedup is achievable in a real-world system and is not precluded by any hidden physical laws,” the researchers wrote. Quantum computing is a nascent and somewhat…

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Is the stethoscope dying? Hi-tech, hand-held rivals pose threat

Hi-tech ultrasound scanners allow doctors to watch the body in motion and see things like leaky valves, proponents say. Two centuries after its invention, the stethoscope – the very symbol of the medical profession – is facing an uncertain prognosis. It is threatened by hand-held devices that are also pressed against the chest but rely on ultrasound technology, artificial intelligence and smartphone apps instead of doctors’ ears to help detect leaks, murmurs, abnormal rhythms and other problems in the heart, lungs and elsewhere. Some of these instruments can yield images…

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‘Not the ideal messenger’: Facebook CEO to face heat over crypto

Zuckerberg plans to tell the US Congress that he supports a delay to the launch of its planned Libra cryptocurrency. Facebook Chief Executive Mark Zuckerberg plans to acknowledge before the United States Congress that Facebook is not the “ideal messenger” for its Libra cryptocurrency project, given ongoing criticism of the company. In prepared testimony made available on Tuesday, Zuckerberg plans to tell legislators he supports delaying Libra’s launch, currently set for mid-2020, until United States regulatory concerns are fully addressed. And he will add that the Libra digital currency is intended to facilitate money transfers,…

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