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Results from its rival, google owner alphabet, raising hopes on wall street that big tech could be coming out of a slump that has seen 150,000 job cuts across the industry. let s speak to mike proulx research director at forrester in boston. good to have you on the programme. the meta shares added $50 billion to the market and after our trade, good news for mark zuckerberg and his team, tell us why they have seen such a significant turnaround? aha, seen such a significant turnaround?- seen such a significant turnaround? ~ , :, ., turnaround? a strong quarter for they had turnaround? a strong quarter for they had increased - turnaround? a strong quarter. for they had increased revenue in their advertising products which means marketers are spending more on the platforms and they have had significant cost cutting measures as part of their year of efficiency. if you look between the lines, part of the big cost that were cut was in the meta reality labs, a big part of their meta ....
Because the owner of facebook, instagram and whatsapp has reported its first ever fall in revenue. like its rivals, social media giant meta is feeling the pinch as advertisers tighten their belts and consumer spending is squeezed by inflation. and it is forecasting tougher times in the coming months. mike proulx is research director at forrester in boston, massachusetts. let s assume for the moment that it continues to lose revenue what might it do? buy or invent its way out? that is the big open question. advertisers amid economic uncertainty are becoming skittish and they have to make choices way to apply their media budget. facebook and instagram used to be the place to be for brains but that is no longer a sure bet. brands. ....
I ve seen this, commentating on facebook over and over again, you have a negative story or a series of negative stories, it doesn t really do that much to the share price. worth also saying that mark zuckerberg on that quarterly call, said that facebook was on track to spend $5 billion this year on safety. so facebook are saying a lot of these stories are being misreported and we are doing better than any other social media company to try and tackle these problems. but you ve got a real issue here, just as facebook s reputation is kind of on the decline, it feels, the share prices doing the exact opposite. for more on this, we are now joined by mike proulx, vp and research director at forrester. thank you for being with us. it does seem teflon coated, facebook? as james was pointing out, despite controversies, revenue is growing and young people are deserting it but it is still doing well. how is it managing to do that? it is managing managing to do that? it is ....