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Top Stories

1. Meta’s revenue +27% YoY to $36.5B in Q1, as Reality Labs burns $3.85B

2. TikTok ban bill signed by Biden, starting 360-day clock to divest or ban

3. Friday set to be year’s top “sickie” day

1. Meta’s revenue +27% YoY to $36.5B in Q1, as Reality Labs burns $3.85B

The -$3.85B net loss for Reality Labs slightly narrowed from prior quarters, yet still represents 11% of revenue

Their daily active users continue to grow steadily, now at 3.24B

• “AI is already helping us improve app engagement, which naturally leads to seeing more ads and improving ads directly to deliver more value,” CEO Mark Zuckerberg said in the earnings call.

2. TikTok ban bill signed by Biden, starting 360-day clock to divest or ban

• TikTok is estimated to be worth $20B and $100B+, depending on who’s valuing it (bidders vs. ByteDance insiders).

• Beijing has suggested it would block a sale, citing export control rules and national security grounds.

• U.S. courts could also block the ban, likely on 1st Amendment grounds.

3. Why workers are expected to “chuck a sickie” this Friday

With a working day sandwiched between the weekend and a public holiday, Friday is expected to be the most popular day to “chuck a sickie” this year.

4. Pay rises Australians need to tackle rising cost of living

Source: News.com.au

Australians we;re hit with the bad news that inflation came in hotter than expected in the first three months of the year – dampening hopes for interest rates to be slashed – but also exposing their desperate need for a pay rise to keep up with cost of living hikes.

Other Headlines:

• Microsoft's Q3 focused on cloud, AI

• Alphabet anticipates AI-driven revenue spike

• Deutsche Bank's profit beats expectations

• IBM nears deal to acquire HashiCorp for $6.4B

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