legal proceedings
Coverage of legal proceedings in the Nexus archive.
- Your screentime on Instagram is growing, thanks to Meta's AI push
Meta reported double-digit year-over-year growth in Instagram time spent, attributed to AI-driven personalized recommendations. The company faces privacy backlash over AI-generated image tool Muse Image and legal scrutiny for alleged addictive design targeting youth.
- Meta shares drop as Q2 profit declines due to legal expenses and severance costs
Meta Platforms reported a 14% year-over-year decline in second-quarter profit to $15.85 billion due to $2.4 billion in legal expenses and $1.18 billion in severance costs from layoffs. Revenue rose 28% to $60.8 billion, exceeding analyst expectations, but shares fell 4.2% in after-hours trading.
- Meta shares drop as Q2 profit declines due to legal expenses and severance costs
Meta Platforms reported a 14% decline in Q2 profit to $15.85 billion due to legal expenses and severance costs from recent layoffs, despite a 28% revenue increase to $60.8 billion. The company's shares fell 4.2% in after-hours trading, and CEO Mark Zuckerberg highlighted AI's role in driving future growth. Total expenses rose 55% year-over-year to $42.03 billion, including $2.4 billion in legal charges and $1.18 billion in severance.