That's the sound of Meta's disastrous earnings announcement yesterday, and that's the sort of insightful analysis you come to this

podcast for right but also Argo AI is shutting down Google Cloud has a new

blockchain tool for developers and the Elon Twitter thing is happening.

It's really happening people.

Behave accordingly.

Here's what you miss today in the world of tech.

Well, one of the most consequential earnings reports we've ever covered.

Meta's stock opened down 23-ish percent this morning after reporting Q3 revenue was down 4% year over year.

Net income was down a whopping 52% year over year to 4.4 billion dollars.

On the positive side, Meta's family of apps daily active users were up around 4% year over year to 2.93

billion.

More on that later.

But note, that's not what anyone cares about right now

quoting Bloomberg the owner of Instagram and Facebook says it sees 30 to 32 and a half

billion dollars in revenue in the last three months of the year, analysts had

been expecting 32.2 billion dollars, according to estimates compiled by

Bloomberg, end quote. So let me sum this up quickly.

Meta's ads business is shrinking.

The shrinking might actually be accelerating.

This might be the tip of a longer term trend, not a couple quarter blip. Revenue declined 0.88% two quarters ago, 4.47% this past quarter,

and Meta is now projecting a drop of 7.19% next quarter. So I said we'd

come back to those good user numbers. They're still good. They're still growing.

...