Meta’s Head of Global Business Group Nicola Mendelsohn spoke with Yahoo Finance’s Allie Garfinkle at the 2023 Milken Institute Global Conference in Los Angeles. Mendelsohn discussed Meta’s latest earnings, the growth of Facebook’s global users, and how AI will play a role in the social media company’s future. ‘The community now is 3.8 billion people that are coming on every month, and 3 billion people are coming onto one of our platforms every single day. So that's the highest that we've ever seen,’ Mendelsohn told Garfinkle. That engagement drove Facebook and Meta’s (META) Q1 sales to $28.65 billion, up 3% from a year earlier and an increase after three straight periods of declining revenue. Mendelsohn said despite the increased competition Meta is very competitive in the advertising space. ‘What advertisers are telling me, and coming to me and talking about, is the fact that they see us as being absolutely key to helping their businesses grow and helping them reach the consumers that matter,’ she said. On AI, Mendelsohn said Meta is using it daily in a variety of ways including in newsfeeds, for ad targeting, and removing what it deems ‘harmful content.’ ‘We also use it to take off the platform any type of harmful content and misinformation. We're doing that through machine learning and AI.’ Key video moments: 00:00:25 Facebook’s growing reach 00:01:15 who’s winning ad wars 00:04:30 how Meta is using AI
Every investor wants to know: what does the future hold for the stock market? "People are actually gonna need to figure out how to be good investors going forward. And we have not yet mentally adjusted. What happened over the last 10 years is abnormal." -Marc Rowan, Apollo CEO "Our outlook is more negative going forward... and more people need to catch up with us, which means that we're probably going to have more volatility and more drawdowns ahead of us." -Katie Koch, TCW CEO "Our view remains that at the moment the markets are over optimistic around where we're headed with both [interest] rates and recession." -David Hunt, PGIM CEO "I think the traditional model that is investor built is now gonna be challenged a bit as you leverage AI to be able to find unique insights. So I think the asset managers that have the bigger and broader data set that they can apply AI to are gonna have an advantage." -Jenny Johnson, Franklin Templeton CEO "It's hard to argue that the world isn't heading towards a more carbon neutral state of being. So we want to be at the forefront of that to help clients figure out what's real, what's not real, who's actually doing things versus who's just saying they're doing things." -Jeff Solmon, TD Cowen President (Disclosure: Apollo Global Management is the parent company of Yahoo and Yahoo Finance)
Warren Buffett addressed his stake in Apple and Occidental Petroleum (OXY), and shared his concerns about the video streaming business on Saturday. Buffett hosted the Berkshire Hathaway Annual Shareholders Meeting in his hometown of Omaha, Nebraska. The legendary investor was joined by Berkshire Hathaway (BRK-A) Vice Chairman Charlie Munger. When asked about his investment in Apple (AAPL), Buffett said, “I don't understand the phone at all, but I do understand consumer behavior." “Apple is not 35% of Berkshire's portfolio… it just happens to be a better business than any business we own.” He later made comments about his strategy in the energy sector, telling Berkshire shareholders the holding company is not "going to be making an offer for control of Occidental [Petroleum].” Find more special coverage of the 2023 Berkshire Hathaway Annual Shareholders Meeting on YahooFinance.com.