Meta reports Q3 revenue up 19% YoY to $40.59B, net income up 35% to $15.69B, and family daily active people up 5% to 3.29B on average for September 2024 (Meta Investor Relations)

Mediagazer: Meta reports Q3 revenue up 19% YoY to $40.59B, net income up 35% to $15.69B, and family daily active people up 5% to 3.29B on average for September 2024 (Meta Investor Relations)

Top News:

Columbia Journalism Review:

Jeff Bezos should donate The Washington Post to a public charity that maintains its quality and independence, as he is too financially compromised to own it— His conflicts of interests are insurmountable. He can take a heroic path to strengthen journalism.
Discussion: Washington Post, Lauren Gustus on LinkedIn, @nypoet, @glastris, Hard-G History, @ckrewson, @froomkin, @mediaevan, @dicktofel, @mikeelk, @margotroosevelt, @ddimick, @lenfestinst, @kegill@mastodon.social, @rich1, @stevenwaldman, @heidilifeldman@mastodon …, Semafor, @GossiTheDog@cyberplace.social, Press Watch and r/Journalism

Discussion:

Lauren Gustus /
Lauren Gustus on LinkedIn: “Nonprofit” does not mean “losing money.” Nonprofit news organizations can sell ads, offer subscriptions, and take donations. …

Michele Madigan Somerville /
@nypoet: “There are too many points of pressure. Bezos is simply too financially compromised to be the owner of one of the most important news outlets in America, especially one operating in the nation's capital.” https://www.cjr.org/... via @cjr

Paul Glastris /
@glastris: Two thoughts on the ongoing dumpster fire consuming Jeff Bezos and the Washington Post. First, Bezos should follow the advice of @monthly contributing editor @stevenwaldman and turn the paper into a 501(c)3 charity /1 https://www.cjr.org/...

Gillian Brockell /
Hard-G History: Bezos should sell The Washington Post, but not to another billionaire

Chris Krewson /
@ckrewson: One fun side effect of this idea: Nonprofits, by law, cannot endorse candidates.

Dan Froomkin /
@froomkin: The great @stevenwaldman makes the argument better than I did, via @CJR: Bezos should donate the Washington Post to a public charity dedicated to maintaining its quality and independence. https://www.cjr.org/...

Evan DeSimone /
@mediaevan: Turning the Washington Post over to a charity trust has some merit, but it would also be an admission that it can never again compete at the level it once (very recently) did. https://www.cjr.org/...

Richard Tofel /
@dicktofel: Certainly a fan of news nonprofits, but donating the Post doesn't solve the problem if it is still losing lots of money. Even with millions of subs, it lost $77MM last year, and ⁦@cforman⁩ estimates that the last week has cost it perhaps $30MM more. https://www.cjr.org/...

Mike Elk /
@mikeelk: Without subscriber boycott, journalists wouldn't be discussing turning Washington post into a non profit trust https://www.cjr.org/...

Margot Roosevelt /
@margotroosevelt: .⁦@DrPatSoonShiong⁩ could take big tax deduction & reclaim his civic service mantle. Donate @latimes to a charity as have Gerry Lenfest, Paul Huntsman & Nelson Poynter with their papers. ⁦@stevenwaldman on @jeffbezos Columbia Journalism Review https://www.cjr.org/...

Dennis Dimick /
@ddimick: Damn straight. The only hope for ⁦@washingtonpost⁩ https://www.cjr.org/... @lenfestinst: As concerns over newspaper publishers exerting influence over editorial content grow, The Lenfest Institute's nonprofit, non-controlling ownership of @PhillyInquirer can serve as a model for other publications. More in @CJR: https://www.cjr.org/...

Kathy E. Gill /
@kegill@mastodon.social: No wonder the Philadelphia Inquirer has done such excellent work this election: it's owned by a NFP (charitable trust). — Yes! Jeff #Bezos SHOULD Donate the #WashingtonPost to a Charity — https://www.cjr.org/... #Election2024 #USPolitics #NewsMedia #businessModels

Richard Robbins /
@rich1: This is really smart, and perhaps the only option for @JeffBezos to save the @washingtonpost. https://www.cjr.org/...

Steven Waldman /
@stevenwaldman: Here's how Jeff Bezos can be a hero: donate @washingtonpost to a charitable trust. We've seen this work in Salt Lake City, Philly, Tampa. Here's how it would work>> https://cjr.org/...... @lenfestinst @JimFriedlich [image]

Heidi Li Feldman /
@heidilifeldman@mastodon.social: This would be amazing. https://www.cjr.org/...

Kevin Beaumont /
@GossiTheDog@cyberplace.social: First screenshot, NY Times story from October 14th this month about how Washington Post is losing $100m a year and they're very happy to have added 4000 subscribers. — Second screenshot, a few weeks later after Jeff Bezos set fire to his own company. — [images]

RELATED:

Nieman Lab:

A broad group of news outlets attracted new subscribers after WaPo's lack of an endorsement for president; The Philadelphia Inquirer gained 4,200+ subscribers— The Philadelphia Inquirer had its best week for new subscriptions ever and The Guardian U.S. broke its single-day fundraising record — twice.

Discussion:

Rachel Kleinfeld /
Just Security: Rising Authoritarianism and Plutocracy Are a Dangerous Mix for Press Freedom

Evan Benn /
Evan Benn on LinkedIn: “The Philadelphia Inquirer gained more than 4,200 new digital subscribers — ‘about three times a typical week’ and ‘our biggest week of new starts ever,’ publisher and CEO Lisa Hughes said. …

Bari Weiss /
The Free Press: The Free Press Votes

Howard W. French /
Foreign Policy: Is Canceling Your Washington Post Subscription Good for Democracy?

Hadas Gold /
CNN: Donald Trump weaponizes non-endorsements from The Washington Post and Los Angeles Times

David Akin /
@davidakin@mstdn.ca: “The Washington Post's non-endorsement led to record-breaking weeks at other news orgs: The Philadelphia Inquirer had its best week for new subscriptions ever and The Guardian U.S. broke its single-day fundraising record — twice. ” #media — https://www.niemanlab.org/...

Sara Guaglione /
Digiday: Presidential candidate endorsements boost subscriber conversions and donations at some publishers

NPR:
The LA Times has lost 10,000 to 18,000 subscriptions, or up to 4.5% of its subscribers, since owner Patrick Soon-Shiong axed the paper's Harris endorsement

Discussion:
Washington Post, 404 Media, New Republic, City Journal, Associated Press, Digiday, Chris Rauber on LinkedIn, Cele|bitchy, HuffPost, freebeacon.com, One America News Network, @Barredo@mastodon.social, New York Post, @GossiTheDog@cyberplace.social, CNN, American Press Institute, Axios, The Wrap, MediaPost, Fox News and The Guardian

Discussion:

Elahe Izadi /
Washington Post: After non-endorsement, 250,000 subscribers cancel The Washington Post

Jason Koebler /
404 Media: The Billionaire Is the Threat, Not the Solution

Heather Mac Donald /
City Journal: Journalism Dies in Lockstep

David Bauder /
Associated Press: Washington Post has lost over 250,000 subscribers since Jeff Bezos decided not to run a presidential endorsement

Chris Rauber /
Chris Rauber on LinkedIn: The Guardian reports that the Washington Post has lost 250,000 subscribers from cancellations — 10 percent of its total digital subscriber base …

Dave Jamieson /
HuffPost: The Biggest Non-Endorsements Of 2024 — A partial list of people and institutions withholding …

Alana Goodman /
freebeacon.com: EXCLUSIVE: WaPo Opinion Editor David Shipley Blames Bezos for Endorsement Drama, Tells Staff They Can Quit as Distraught Journalists Slam Bezos for 'Conflict …

James Meyers /
One America News Network: Report: Washington Post Loses 250K Subscribers Over Decision Not To Endorse Harris

Alex Barredo /
@Barredo@mastodon.social: Washington Post paid subscribers peaked in 2021 with 3 million, it was down to 2.5 million recently, and it has lost another 250,000 or so in two days — https://archive.is/...

Ariel Zilber /
New York Post: Washington Post loses 250K — or 10% — of subscribers over decision not to endorse Kamala Harris: report

Kevin Beaumont /
@GossiTheDog@cyberplace.social: The Washington Post staff are having to report on their own demise at the hands of their owner. https://www.washingtonpost.com/ ...

Liam Reilly /
CNN: More than 250,000 Washington Post readers cancel subscriptions in revolt over non-endorsement

Rebecca Falconer /
Axios: WaPo subscribers flee en masse after Bezos' endorsement decision The Wrap: Washington Post Has Lost 250K Subscribers, LA Times 18,000 Since Owners Axed Kamala Harris Endorsements Fox News: WaPo staffer unsure paper can recover as Bezos-owned outlet sheds 250,000 subscribers over endorsement fiasco

Fortune:

Internal memo: Block CEO Jack Dorsey says Tidal is in for another mass layoff; insiders say as many as 100 people could be laid off, or ~25% of Tidal's staff— Block CEO and founder Jack Dorsey wants streaming music app Tidal to operate like a startup again - and that means layoffs

Discussion:
@kalihays1@threads.net, San Francisco Chronicle, Digital Music News and Benzinga, more at Techmeme »

Discussion:

Kali Hays /
@kalihays1@threads.net: More layoffs at Jack Dorsey's Tidal. Sigh. Because it needs to operate “like a startup again.” Dorsey didn't specify the number of ppl getting cut, but I'm told it's at least 100 (so about a quarter of Tidal's staff) and more expected as engineering cuts to take place in a few weeks. https://fortune.com/...

Aidin Vaziri /
San Francisco Chronicle: Jack Dorsey initiates layoffs at Tidal, saying the S.F. company must operate ‘like a startup’

Ashley King /
Digital Music News: Tidal Hit with Another Wave of Layoffs, Jack Dorsey Says ‘We Need to Build Like a Startup Again’

Yahoo Finance:

Roku reports Q3 revenue up 16% YoY to $1.06B, vs. $1.02B est., 85.5M streaming households, up 2M QoQ, and Q4 guidance below est.; ROKU drops 11%+— Roku (ROKU) stock fell more than 10% in after-hours trading on Wednesday after the company's Q4 guidance disappointed, despite the media player reporting …

Discussion:
Streaming Better and Media Play News, more at Techmeme »

RELATED:

The Hollywood Reporter:
Starting in Q1 2025, Roku plans to stop giving quarterly updates on the number of streaming households and average revenue per user, following Netflix

Discussion:
Advanced Television, The Wrap, YourStory.com, Motley Fool, Benzinga, Cord Cutters News, Barron's Online, Reuters, Roku Inc., Variety, Deadline and Bloomberg, more at Techmeme »

Discussion:

Lucas Manfredi /
The Wrap: Roku reports Q3 revenue up 16% YoY to $1.06B, vs. $1.02B est., a net loss of $9.03M, vs. $330.1M in Q3 2023, and 85.5M streaming households, up 2M from Q2 2024

Ishan Patra /
YourStory.com: Microsoft posts double-digit Q1 earnings growth, but signals slowdown in cloud services

JesterAI /
Motley Fool: Roku Revenue Surpasses $1B Milestone

Chris Katje /
Benzinga: Roku Q3 Earnings Highlights: Revenue Beat, EPS Beat, Streaming Households Hit 85.5 Million

Luke Bouma /
Cord Cutters News: Roku Reports Strong Q3 2024 Earnings, Surpasses $1 Billion in Revenue

Janet H. Cho /
Barron's Online: Roku Posts First $1 Billion Revenue Quarter, Smaller-Than-Expected Loss Roku Inc.: Fellow Shareholders, — Fellow Shareholders, October 30, 2024 We delivered strong results in Q3 …

Todd Spangler /
Variety: Roku Q3 Earnings Top Estimates, Company to Stop Reporting Streaming Households Metric

Dade Hayes /
Deadline: Roku Tops Wall Street Estimates In First $1B Revenue Quarter; Streaming Provider To Stop Reporting Household Tally In 2025

John O'Nolan:

John O'Nolan, CEO of open-source CMS Ghost, outlines the organization's governance structure and says the platform generates around $7.5M in annual revenue— Ghost is a distributed non-profit foundation which gives away all of its intellectual property under a permissive MIT license.

Discussion:

Mark Jaquith /
@markjaquith: I admit I was skeptical when John started Ghost. I'd baked in my own assumptions about the size and shape of the goal (even though he was pretty clear about it). This is a great post about his approach and future plans: narrow focus, maximal longevity. Sustainability over reach.

Erik Enge /
Erik Enge on LinkedIn: One of the most exciting things for me when I joined Ghost was feeling connected with people who think about business differently. …

John O'Nolan /
@johnonolan: Alright, I'm publishing it. I've had a lot of questions over the last few weeks about how @Ghost is going to avoid ending up in the same situation as WordPress. A lot of trust in open source has been broken. So, I spent some time writing up how we structure and think about

Anuj Ahooja /
@quillmatiq@threads.net: “we don't want to grow a giant company that we control, we want to grow a giant ecosystem that we support. One with a broad range of hosts, developers, agencies, partners and publishers who can build on top of shared infrastructure — where our role as a core team is helping the collective ecosystem thrive. …

Dr Dev Roychowdhury /
@drdevroy: As a performance scientist, I can assure you that this is how small teams achieve big things: “We'd rather stay small, be selective about what we work on, and know everybody's name.” ~ @JohnONolan

Dan Gillmor /
@dangillmor@mastodon.social: For my newsletter I decided on Ghost as a platform. This blog post from its co-founder will help you understand why: — https://john.onolan.org/...

Peter Schulz /
@prschulz@threads.net: Very proud to be a part of this ❤️ 👻

Ben Werdmuller /
@ben@werd.social: A genuinely inspiring post about the foundation behind Ghost and how it operates. It feels like a blueprint for so many open source projects. #Technology https://werd.io/...

Duane Storey /
@duanestorey: The #WordPress writing was on the wall years ago, and John read the signs. I am glad they've done well and built a proper village around democratic publishing, which seems much nicer than the Potemkin village we unfortunately inherited here in WordPress.

Ian Betteridge /
@ianb@mastodon.well.com: Memo to Matt Mullenweg: this is how you do it. — https://john.onolan.org/...

New Jersey Digest:

The Star-Ledger, New Jersey's largest newspaper, plans to end its print edition on January 30, 2025, citing growing costs and a shrinking demand for print— The Star-Ledger, New Jersey's largest newspaper, will stop publishing its print edition on January 30, 2025, transitioning fully to a digital format.

Discussion:
New Jersey Online, New York Times, @jaspertylerkane, Ivy Charmatz on LinkedIn, @davidfolkenflik, @jaspertylerkane, @bobbyolivier, @joeconchatv, New Jersey Globe, Associated Press, Bruno Tedeschi on LinkedIn, Allison Altobelli on LinkedIn, Morning Call, UPI, New York Post, Jason Notte on LinkedIn, PennLive, New York Daily News, Kevin Whitmer on LinkedIn, @jeffjarvis@mastodon.social and @brianstelter@threads.net

Discussion:

Ed Kane Cudahy /
@jaspertylerkane: I interned at The Star-Ledger and was fortunate enough to write on a byline and they paid me. It was a great experience and taught me a lot and gave me confidence in my writing.

Ivy Charmatz /
Ivy Charmatz on LinkedIn: One of my very first jobs was reporting for a (Forbes) weekly newspaper. I would submit my story to my editor and then, days later …

David Folkenflik /
@davidfolkenflik: The future is now: NJ's largest newspaper, the Star-Ledger, will kill its print edition in 2025. Was once a top 12 US circulation paper. Sister paper Trenton Times too. https://www.nj.com/...

Ed Kane Cudahy /
@jaspertylerkane: This is terrible news for older news consumers who don't consume news on digital platforms

Bobby Olivier /
@bobbyolivier: Yes, The Star-Ledger print edition is going away. The electronic version of the newspaper will remain. As will all of the work we already do on NJ dot com. It's a sad but necessary step for us as a digitally focused newsroom. Details in the story. https://www.nj.com/...

Joe Concha /
@joeconchatv: As it should. Don't know a soul who reads the print edition. Online only is the only way forward.

David Wildstein /
New Jersey Globe: Star-Ledger will stop print editions in 2025

Bruno Tedeschi /
Bruno Tedeschi on LinkedIn: Can't say that I'm surprised, but it's still sad to hear The Star-Ledger is ceasing publication in February. …

Allison Altobelli /
Allison Altobelli on LinkedIn: Traditional newspapers died 8 years ago. I (and many other good people I know) kept administering CPR on the table long after they flatlined. …

Christopher Dornblaser /
Morning Call: Express-Times to end its print edition, go all-digital

Doug Cunningham /
UPI: Star-Ledger, other New Jersey newspapers to end print editions in early 2025

Alexandra Steigrad /
New York Post: New Jersey Star-Ledger will end print edition in 2025

Jason Notte /
Jason Notte on LinkedIn: I learned to read by reading ads from The Star-Ledger on my grandmother's floor in Belleville, N.J. — That paper made me want to become a journalist and it …

Kevin Whitmer /
Kevin Whitmer on LinkedIn: Inevitable. ... Sad. ... And totally unavoidable news that dropped today. — I hurt for my friends and former colleagues in departments whose jobs will be affected. …

Jeff Jarvis /
@jeffjarvis@mastodon.social: Here's the Star-Ledger/NJ.com/Advance Local announcement. Note that all its NJ papers continue online except the Jersey Journal (where my office once was), which is fully folding. https://www.nj.com/...

CNBC:

Comcast reports Q3 net income down 10% YoY to $3.63B and revenue up 6.5% YoY to $32.07B; revenue for media, mainly composed of NBCU, rose 37% YoY to $8.23B— Comcast reports its third-quarter earnings before the bell Thursday. Wall Street will once again be focused on subscriber numbers …

Bloomberg:

Google faces increasing legal challenges from Russia and fines in non-US courts, after YouTube blocked three Russian channels following the invasion of Ukraine— Law experts raise concerns about nationalism rearing its head in courts around the world — When YouTube blocked three Russian channels …

Discussion:

Ariel Petrovics /
Responsible Statecraft: Why sanctions on Russia are literally backfiring

Edson Porto /
Edson Porto on LinkedIn: ⚖️ You might have heard that a Russian court fined Google 2.5 decillion (yes, decillion) rubles. …

Francis Bond /
Francis Bond on LinkedIn: Spoke to Bloomberg with Nikolas Ireland about the rise in “legal nationalism” and the weaponisation of court judgments across the globe: …

Joshua Nelken-Zitser /
Business Insider: A Russian court hit Google with a fine larger than the world's GDP, stretching credulity

J.D. Capelouto /
Semafor: The world's courts are getting more political

The Verge:

Fox, ABC, and others are broadcasting graphic and hateful ads paid for by political candidates during the World Series; the FCC requires stations accept the ads— The World Series between the Los Angeles Dodgers and the New York Yankees is in full swing, and millions of people in the US …

Discussion:
FOX 4 Kansas City WDAF-TV and Associated Press

Meta Investor Relations:

Meta reports Q3 revenue up 19% YoY to $40.59B, net income up 35% to $15.69B, and family daily active people up 5% to 3.29B on average for September 2024— Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended September 30, 2024.

Discussion:

Roberto P. Nickson /
@rpn@threads.net: Meta just delivered its most profitable quarter on record ($40.6 billion) Stock is down after-hours (maybe just overbought) likely due to investors spooked over how much they will spend over the coming years developing AI. But I think that's a bullish indicator. Llama adoption has been skyrocketing. …

Alexei Oreskovic /
@lexnfx: Also worth noting that Meta stock has been on a run, up 22% since August, compared to Nasdaq only up 8%.

Tae Kim /
@firstadopter: Facebook apps made $22 billion in op. profit in Q3, empowered by AI technology (Nvidia GPUs). Google said all 7 of its major 2 billion user products have incorporated Gemini AI. Alphabet made $28.5 billion in Q3 profit. The hand wringing over AI ROI is silly at this point.

Gene Munster /
@munster_gene: Following the $META call, the key takeaway is the core business is doing great and they're aggressively investing in AI to become the next big thing. My guess is that big thing is related to monetizing search. [video]

Rat King /
@mikeisaac: wall street is happy that meta's big spending on AI is bringing in more money this year wall street is not happy that meta's big spending on AI will cost it more money next year https://www.nytimes.com/...

Lance Ulanoff /
@lanceulanoff@threads.net: This slide from Meta Earnings tells quite a story. Look at the revenue generated from Reality Labs as compared to the losses. Advertising is still the key revenue driver (by a mile) so, obviously, it's critical that Meta integrates ad opportunities into its AI and AR offerings.

Kali Hays /
Fortune: Mark Zuckerberg says a lot more AI generated content is coming to fill up your Facebook and Instagram feeds

Barbara Ortutay /
Associated Press: Meta's third-quarter profit surges 35% reflecting strong ad revenue and its AI push

Robert Miller /
The Times: Meta user growth fails to hit the mark

Kalley Huang /
The Information: Meta's Revenue Rises 19% in the Third Quarter

Dade Hayes /
Deadline: Meta Delivers Strong Q3 Report And Upbeat Holiday Outlook; Daily Active Users Grow 5% To Nearly 3.3B

Committee to Protect Journalists:

Journalists and experts explain why 2024 has been dangerous for press in Pakistan, with at least six journalists killed over direct or suspected work ties— Hope for justice in journalist murders is dim across the world, but especially in Pakistan, which has appeared on CPJ's Global Impunity …

Discussion:
@sonalidhawan_, Al Jazeera, Voice of America, Reuters and Civil Georgia

Discussion:

Sonali Dhawan /
@sonalidhawan_: “If you scream, no one will hear you,” said @umar_wazir. “Who should we request security from?” My latest with @CPJAsia Program Staff on Pakistan's deadly environment for the press: https://cpj.org/...

Liam Scott /
Voice of America: Haiti, Israel ranked worst for securing justice in journalist killings

The Verge:

Nintendo launches Nintendo Music, an iOS and Android app that lets Switch Online subscribers stream or download gaming tunes from Nintendo titles— This time, it's a mobile app called Nintendo Music, which lets users listen to classic gaming tunes from Nintendo games spanning the last few decades …

Discussion:
9to5Google, Comic Book, Digital Music News and Variety, more at Techmeme »

Discussion:

Logan Moore /
Comic Book: Nintendo Stealth Releases New Music App

Todd Spangler /
Variety: Nintendo Launches Music App With Soundtracks from Classic Games Including Super Mario Bros., Legend of Zelda

Washington Post:

A look at the feud over NFL reporters talking to players in locker rooms, after the players union cut off long-accepted access, calling the practice “outdated”— Journalists say locker-room access is critical to covering the league. Some players want to take the conversation outside.

Discussion:
Associated Press and @benjstrauss

Discussion:
Associated Press: Trevon Diggs apologizes over spat with reporter while defending his play with Cowboys