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  • Thursday, Apr. 25, 2024
Meta more than doubles Q1 profit but revenue guidance pulls shares down after-hours
A Meta Portal Go is displayed during a preview of the Meta Store in Burlingame, Calif., on May 4, 2022. Meta reports earnings on Wednesday, April 24, 2024. (AP Photo/Eric Risberg, File)
By Barbara Ortutay

Facebook and Instagram parent company Meta said Wednesday its first-quarter profit more than doubled, boosted by higher advertising revenue and a 6% increase on the average price of ads on its platforms. But its shares dropped sharply in after-hours trading following lukewarm revenue guidance.

Meta Platforms Inc. earned $12.37 billion, or $4.71 per share, in the January-March period. That's up from $5.71 billion, or $2.20 per share, in the same period a year earlier.

Revenue rose 27% to $36.46 billion from $28.65 billion.

Analysts, on average, were expecting earnings of $4.32 per share on revenue of $36.14 billion, according to a poll by FactSet.

For the current quarter, the Menlo Park, California-based company said it expects revenue between $36.5 billion and $39 billion. Analysts are expecting revenue of $38.25 billion for the second quarter, which is higher than the midpoint of Meta's guidance range.

Meta also said More

  • Thursday, Apr. 25, 2024
Entropico launches arm for original film and TV content
Entropico Originals’ (l-r) Christian Polsinelli, Erin Moy, and Timothy Burnett
LOS ANGELES -- 

Following the Netflix international release of its debut feature film OneFour: Against All Odds last year, global creative company Entropico has officially announced the formation of Entropico Originals, its originals arm which specializes in producing new film and television titles out of studios in Sydney and Los Angeles. 

“We’re excited to follow up the success of our feature debut and long history making innovative short form originals and branded content work with a slate of offbeat, energetic, and relevant originals,” said Entropico founder and CCO Erin Moy. 

On the Originals team, Moy is joined by Christian Polsinelli in Los Angeles as Entropico’s head of alternative & experiential, and Timothy Burnett in Sydney as head of scripted.

Polsinelli brings over 14 years of television production experience to Entropico, having dedicated much of his career to producing TV shows for major networks such as ABC, NBC, and More

  • Wednesday, Apr. 24, 2024
With lawsuits in rearview mirror, Disney World government gets back to being boring
A family visiting from Sarasota watches the solar eclipse at the Magic Kingdom at Walt Disney World, in Lake Buena Vista, Fla., Monday, April 8, 2024. (Joe Burbank/Orlando Sentinel via AP)
By Mike Schneider
ORLANDO, Fla. (AP) -- 

For the first time in more than a year, the monthly board meeting of Walt Disney World's governing district on Wednesday was back to being what many municipal government forums often are — boring.

There were no rants against Disney by the board's chairman nor demands by local opponents for board members appointed by Gov. Ron DeSantis to resign immediately. Instead, board members approved contracts for the installation of pipelines for chilled water, sediment removal, the replacement of a wastewater lift pump and the removal of compost waste.

What made this meeting different from most during the past year or so was that it came a month after Disney and DeSantis' board appointees reached a deal to end their state court lawsuits over DeSantis' takeover of the district. The district provides municipal services such as firefighting, planning and mosquito control, among other things, for the theme park resort.

"We're doing the people's More

  • Wednesday, Apr. 24, 2024
John Lithgow takes on the role of the new kid in school for a PBS special celebrating arts education
This image released by PBS shows actor John Lithgow, right, with Yoli, as they work on a screen print drawing during the filming of "Art Happens Here with John Lithgow," premiering April 26. (Antonio Diaz/PBS SoCal via AP)
By Alicia Rancilio

At 78, John Lithgow's acting career is not slowing down. He appeared in the best picture nominee "Killers of the Flower Moon" and starred with Jeff Bridges in the FX series "The Old Man." Recently, the two-time Academy Award nominee and multiple Emmy, Tony and Golden Globes-winning actor played the new kid in school. He learned dance, ceramics, silk-screen printing and vocal jazz ensemble with Los Angeles-area high school students. It was filmed for "Art Happens Here with John Lithgow," airing Friday on PBS with the goal of promoting arts education.

Lithgow, who has an undergraduate degree from Harvard and was a Fulbright Scholar at the London School of the Arts, spoke with The Associated Press about going back to school.

Answers have been edited for clarity and brevity.

Q: One argument about education is students need to prioritize math and science and learn to code. Arts education is a bonus but not a priority. What do More

  • Wednesday, Apr. 24, 2024
Microsoft and Amazon face scrutiny from U.K. competition watchdog over recent AI deals
Arthur Mensch, cofounder and CEO of Mistral AI, attends the UK Artificial Intelligence (AI) Safety Summit in Bletchley, England on Nov. 2, 2023. The Competition and Markets Authority said it's looking into Microsoft's partnership with France's Mistral AI and the company's hiring of key staff from another startup, Inflection AI. (Toby Melville/Pool Photo via AP, File)
By Kelvin Chan, Business Writer
LONDON (AP) -- 

British competition regulators said Wednesday they'll scrutinize recent artificial intelligence deals by Microsoft and Amazon over concerns that the moves could thwart competition in the AI industry.

The Competition and Markets Authority said it's looking into Microsoft's partnership with France's Mistral AI and the company's hiring of key staff from another startup, Inflection AI. The watchdog also separately announced that it's investigating Amazon's $4 billion investment in San Francisco-based Anthropic.

Big Tech companies have been pouring money into generative AI startups amid growing public and business interest in the technology, but the investments have also drawn attention from antitrust authorities.

The U.K. watchdog said it was seeking comments from "interested third parties," before deciding whether to carry out an in-depth antitrust investigation.

"We will assess, objectively and impartially, whether each of More

  • Wednesday, Apr. 24, 2024
Cisco Systems joins Microsoft, IBM in Vatican pledge to ensure ethical use and development of AI
Pope Francis holds his weekly general audience in St. Peter's Square, at the Vatican, Wednesday, April 24, 2024. (AP Photo/Alessandra Tarantino)
ROME (AP) -- 

Tech giant Cisco Systems on Wednesday joined Microsoft and IBM in signing onto a Vatican-sponsored pledge to ensure artificial intelligence is developed and used ethically and to benefit the common good.

Cisco Systems chief executive Chuck Robbins signed the document, known as the Rome Call, and met privately with Pope Francis, the Vatican said.

The pledge outlines key pillars of ethical and responsible use of AI. It emphasizes that AI systems must be designed, used and regulated to serve and protect the dignity of all human beings, without discrimination, and their environments. It highlights principles of transparency, inclusion, responsibility, impartiality and security as necessary to guide all AI developments.

The document was unveiled and signed at a Vatican conference on Feb. 28, 2020 — just before Italy locked down as a result of the COVID-19 pandemic — by Microsoft's Brad Smith and IBM's John Kelly III. Universities, U.N. More

  • Tuesday, Apr. 23, 2024
ArtClass Content promotes Gilmore, Keegan to exec producers
Brian Keegan (l) and Logan Gilmore
LOS ANGELES -- 

Production and post studio ArtClass Content has tapped Logan Gilmore and Brian Keegan as its newest executive producers. Keegan, previously head of post at ArtClass for two years, has stepped up to helm the department as an EP. Gilmore has been formally established as an EP at ArtClass after working with the studio as a freelance bidding producer.

Keegan is set to build and expand the postproduction department at ArtClass. In his previous roles at the studio, Keegan has brought many projects to life for high-profile brands like ESPN, GoFundMe, Broadway’s “The Lion King,” PlayStation, Carvana, Anheuser Busch, General Mills, and the SoundCloud-branded narrative film “The Day Ones,” to name a few. Keegan also produced the film “Life’s Good” for LG Electronics, which won Best Short Documentary at the Indie Short Fest and screened at multiple international film festivals. His previous experience in postproduction saw him working with companies like More

  • Tuesday, Apr. 23, 2024
Caitlin Clark is set to sign a new Nike deal valued at $28 million over 8 years, reports say
Indiana Fever's Caitlin Clark holds her jersey following a WNBA basketball news conference, Wednesday, April 17, 2024, in Indianapolis. (AP Photo/Darron Cummings)
LOS ANGELES (AP) -- 

Caitlin Clark appears to be on the cusp of setting another record.

The most prolific scorer in NCAA Division I history and the No. 1 overall pick in the WNBA draft will continue her association with Nike by signing a $28 million contract that spans eight years and includes a signature shoe.

The Wall Street Journal and The Athletic reported the pending deal, citing unnamed people familiar with the negotiations between the sportswear giant and Clark's agents.

Excel Sports Management, which represents Clark, and Nike did not immediately respond to requests for comment from The Associated Press.

Clark's initial name, image and likeness deal, signed in 2022, expired at the end of the 2023-24 season.

The new deal would be the richest sponsorship contract for a women's basketball player.

Under Armour and Adidas also participated in contract discussions with Clark's team in February, according to the WSJ and Athletic. More

  • Monday, Apr. 22, 2024
The EU ratchets up pressure on TikTok's new rewards app over risks to kids, warns of suspension
The TikTok logo is seen on a mobile phone in front of a computer screen which displays the TikTok home screen, Saturday, March 18, 2023, in Boston. European Union regulators said Wednesday, April 17, 2024, they're seeking details from TikTok on a new app from the video sharing platform that pays users to watch videos. (AP Photo/Michael Dwyer, File)
By Kelvin Chan, Business Writer
LONDON (AP) -- 

The European Union on Monday demanded TikTok provide more information about a new app that pays users to watch videos and warned that it could order the video sharing platform to suspend addictive features that pose a risk to kids.

The 27-nation EU's executive Commission said it was opening formal proceedings to determine whether TikTok Lite breached the bloc's new digital rules when the app was rolled out in France and Spain.

Brussels was ratcheting up the pressure on TikTok after the company failed to respond to a request last week for information on whether the new app complies with the Digital Services Act, a sweeping law that took effect last year intending to clean up social media platforms.

TikTok Lite is a slimmed-down version of the main TikTok app that lets users earn rewards. Points earned by watching videos, liking content and following content creators can then be exchanged for rewards including Amazon vouchers and gift More

  • Sunday, Apr. 21, 2024
Netflix now has nearly 270 million subscribers after another strong showing to begin 2024
The Netflix logo is shown in this photo from the company's website, in New York, Feb. 2, 2023. (AP Photo/Richard Drew, File)
By Michael Liedtke

Netflix gained another 9.3 million subscribers to start the year while its profit soared with the help of a still-emerging expansion into advertising, but caught investors off guard with a change that will make it more difficult to track the video streaming service's future growth.

The performance announced Thursday (4/18) demonstrated that Netflix is still building on its momentum of last year, when a crackdown on free-loading viewers relying on shared passwords and the rollout of a low-priced option including commercials revived its growth following a post-pandemic lull.

The strategy resulted in Netflix adding 30 million subscribers last year — the second largest annual increase the service's history.

Netflix's gains during the January-March period more than quadrupled the 1.8 million subscribers that the video streaming service added at the same time last year, and was nearly three times more than analysts had projected. The Los More

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