Mark Zuckerberg’s “year of efficiency” doesn’t seem to be affecting Facebook’s growth. Meta’s social network added 37 million users during the first quarter of the year, bringing total daily users up to 2.037 billion. Meanwhile, the number of daily users across the company’s “family of apps” rose to over 3 billion users for the first time in company history.

The company reported the growth in its first-quarter earnings report for 2023, the first since Zuckerberg announced the company was focusing on “efficiency” amid an economic downturn that has led the company to shed thousands of jobs. That shift seems to be showing some signs of success, as Meta reported $28.6 billion in revenue for the quarter, up 3 percent from last year and the first revenue growth in nearly a year for Meta.

Despite the boost, though, Zuckerberg confirmed that more layoffs are still scheduled to take place next month. “Even as our financial position improves, I continue to believe that slowing hiring, flattening our management structure, increasing the percent of our company that is technical and more rigorously prioritizing projects will improve the speed and quality of our work,” he said during a call with analysts.

Reality Labs also continues to take major losses, losing just under $4 billion for the quarter. That’s a bit less than the $4.3 billion the company lost last quarter, but Meta has said it expects 2023 losses for its metaverse division to top the $14.3 billion it lost last year.

During the call, Zuckerberg said the company is still prioritizing its massive investment in the metaverse, even as it increasingly turns its attention to generative AI. “A narrative has developed that we're moving away from focusing on the metaverse vision,” Zuckerberg said. “So I just want to say upfront that that's not accurate. We've been focusing on both AI and the metaverse for years now, and we will continue to focus on both.” He added that the company was preparing to launch its “next-generation consumer virtual and mixed reality device” later in the year.

Meta’s CEO also talked more about his plan to create “AI agents” and other generative AI tools for the company’s apps. “I think that there's an opportunity to introduce AI agents to billions of people in ways that will be useful and meaningful. We're exploring chat experiences in WhatsApp and messenger, visual creation tools for posts on Facebook and Instagram and ads, and, over time, video and multimodal experiences as well.”

Spotify has released its earnings report for the first quarter of 2023 and the headline figure is the number of users the company has. As of March 31st, 515 million people were using the audio streaming service. That's the first time Spotify has had more than half a billion users. Q1 was also Spotify's second-biggest quarter for user growth to date — its audience increased by five percent from the previous quarter and 22 percent year over year. The user base grew by 26 million, which is 15 million more than Spotify had expected. The company said it saw growth in both developed and developing markets, as well as almost every age group.

Most of that growth is based on folks who use the free, ad-supported version of the Spotify service. Premium subscriptions didn't keep pace with the overall growth, as they rose by two percent from the previous quarter and 15 percent year over year from 205 million to 210 million. Still, premium subscribers grew by 3 million more than Spotify had indicated in its guidance to investors.

Overall, Spotify posted a net operating loss of €156 million ($172 million) for the quarter. That's far more than the €6 million ($6.6 million) loss it saw in the first quarter of 2022, though it's an improvement over the €270 million ($297 million) Spotify lost the previous quarter.

While overall revenue was up by 14 percent year over year from €2.66 billion ($2.93 billion) to €3.04 billion ($3.34 billion), it dipped by four percent from the previous quarter. Revenue from paid subscribers didn't change significantly from Q4 2022, but it dropped by 27 percent on the ad-supported side from €449 million ($494 million) to €329 million ($362 million) — though revenue from free users rose by 17 percent year over year. The quarter-to-quarter drop is perhaps a result of advertisers tightening their belts somewhat, leading to lower ad spend.

Advertisers aren't the only businesses trying to rein in costs. Spotify, like many other major tech companies in recent months, has laid off a sizable proportion of its staff. In January, the company laid off six percent of workers, which equates to around 600 people based on the 9,800 that Spotify employed as of the end of 2022.

Additionally, Spotify seems to be placing a bigger focus on the core parts of its business. It recently announced plans to shut down both its live audio app, Spotify Live, and Heardle, the Wordle-style song-guessing game it bought last summer.

DJI has unveiled its new flagship consumer drone, the Mavic 3 Pro, with a triple-camera setup that includes a new 70mm lens designed for "powerful subject framing." It also includes a new 10-bit D-Log M color mode, improvements in the tele cameras, and ProRes capture on the Mavic 3 Pro Cine option. It's the company's fourth Mavic 3 drone, joining the Mavic 3, the Mavic 3 Classic and the Mavic 3 Enterprise models. 

Like the Mavic 3, it's available in regular and Cine models, with the latter having advanced features for filmmakers like Apple ProRes capture (ProRes 422 HQ, ProRes 422, and ProRes 422 LT), a 1TB SSD drive and a 10Gbps lightspeed data cable. However, you'll pay a premium of nearly $1,000 to get those.

DJI

The new 70mm camera has a 1/1.3-inch sensor that's the same size as on the Mini 3 Pro. Though considerably smaller than the 4/3 chip on the main Hasselblad camera, DJI says the camera is designed for a "range of different scenarios from framing intriguing buildings to cars in commercial shoots." That comment indicates that the quality should be better than the 7x tele camera. It can handle 48-megapixel (MP) high-res or 12MP low light photos, along with 4K/60fps video. 

Like the main camera, it supports a new log format called D-log M along with DJI's original D-Log. D-Log M is designed to deliver "natural color gradations with delicate details" even in high-contrast situations like sunsets, the company says. At the same time, it's easier to grade than typical log footage, according to DJI. It can shoot up to 10-bit 4:2:2 ProRes video on the Mavic 3 Pro Cine model and 10-bit 4:2:0 (H.264/H.265) on the regular model. 

DJI

DJI has also improved the 7x (166mm equivalent) tele camera, boosting the aperture from f4.4 to f3.4, which should make it considerably better in low light. It also offers boosted video specs, up from 4K at 30p on the Mavic 3 to 4K/60fps.

Aside from those improvements, it's much the same as the Mavic 3. The main 4/3 Hasselblad camera can shoot video at up to 5.1K at 50fps or DCI 4K at 120fps, with the new D-Log M mode, along with D-Log and HLG options. As before, it can capture 10-bit 4:2:2 ProRes (Mavic 3 Pro Cine) and 10-bit 4:2:0 H.264/H.265 video on the Mavic 3 Pro. 

DJI

It allows up to 43 minutes of flight time, roughly the same as before. You'll also get DJI's omnidirectional sensing and APAS 5.0 obstacle protection, with eight wide-angle vision sensors and a high-performance vision computing to engine "to precisely sense obstacles in all directions and plan a safe flight to avoid them," DJI says. Its DJI O3+ transmission system can transmit a 1080p/60fps HD live feed at high frame rates at a distance of up to 15 km (10 miles), though considerably less in Europe. 

The Mavic 3 Pro also offers key AI features seen on the Mavic 3 and other models. Among those is ActiveTrack 5.0 designed to track a subject while avoiding obstacles, Spotlight (moving the drone around the subject), and Point of Interest (allows the drone to circle around the subject while keeping it centered in the frame). 

DJI

In addition, it includes features designed for creators like MasterShots 4, QuickShots 5 with diverse camera movements like Dronie, Rocket, Circle and Helix, and Panorama 6, designed to take a 100 MP photo. It also comes with a time lapse mode. 

As for the price, the Mavic 3 Pro is only a bit more expensive than the Mavic 3's current $2,049 starting price. The Mavic 3 Pro with a DJI RC starts at $2,199, while the Fly More combo with the DJI RC, three intelligent flight batteries, a charging hub, carrying bag and one ND filter set is $2,999. The same thing with the DJI RC Pro remote (the high-end one with a screen) is $3,889, and the Mavic 3 Pro Cine Premium Combo (with the latter accessories) is $4,799. It's now available to order with shipping starting in May. 

One of the biggest criticisms of DJI's otherwise excellent Avata FPV drone was around the Goggles 2, which lacked comfort and forced you to tether to a battery. Now, DJI has unveiled the Goggles Integra, a new model designed for the Avata that offers an integrated battery, improved ergonomics and new flight control features. The company also announced the RC Motion 2 controller with an upgraded joystick and controls.

The Goggles Integra use a new integrated design that merges the headband and battery, eliminating the annoying connecting cable on the last model. At the same time, DJI promises that the headband is "light, balanced and incredibly comfortable," while offering up to two hours of connecting time. It uses DJI's OcuSync O3+, that provides a 50Mbps video feed with up to 6.2 miles of range and 30-millisecond latency. It has a built-in GPS that lets you fly with no need to connect to a smartphone. 

DJI

Unfortunately, the Goggles Integra lack the built-in diopter range found on the Goggles 2, and are too small to accommodate eyeglasses. Instead, they come with interchangeable lenses, meaning they're less flexible for users who need eye correction than the Goggles 2. And as before, when you take them off to see the drone, you'll need to put your glasses back on. With the battery cable gone, though, it's less awkward to put the headset on and take it off.

Another key difference with the Goggles 2 is that there's no Bluetooth or WiFi communication. That means you won't be able to transmit the visuals you see in the goggles to a smartphone, as you can on the previous model. 

Along with the new headset, DJI introduced the RC Motion 2 as an update to the original RC Motion controller. It uses the same motion-sensing tech, but comes with an improved joystick that protrudes (rather than being flush as before) for more traditional operation. 

DJI

It also has an updated accelerator with a reverse function to support multidirectional flight. That includes vertical, backward and sideways motion, "making it easier to adjust the direction or choose a suitable place to land," DJI wrote. On the side is a new Fn dial (replacing the tilt switch) that lets you adjust the camera's ISO, shutter and other parameters without the to interact with the goggles. 

The new products show that DJI is being responsive to users, but it's unfortunate that the Goggles Integra lacks several key features from the $649 Goggles 2 — even though it's $150 cheaper. The Goggles Integra and RC Motion 2 are now available for $499 and $239 respectively. You can also get them in the Avata Explorer Combo that includes the Goggles Integra, DJI RC Motion 2, and DJI Avata for $1,278. If you need the diopter adjustment range and WiFi/Bluetooth features, the Pro-View Combo with the Goggles 2, DJI RC Motion 2, and DJI Avata is available for $1,428. 

As many Apple watchers have predicted, the company's financial results this quarter are a break from the last few years of nonstop growth. The iPhone maker reported a revenue of $117.2 billion for its first fiscal quarter (ended December 2022), which is five percent down year over year, marking the first time Apple's revenue is down since 2019. 

There are a couple of bright spots in the company's performance, namely in its setting a revenue record of $20.8 billion in its Services business and hitting more than 2 billion active devices in its installed base. 

In a statement, CEO Tim Cook said "As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do."

Apple's decline in revenue is in line with a general slump in the tech industry, with Meta having just reported revenues that are 4 percent down from the previous year. Alphabet is also seeing a slowdown in growth this quarter, and while Microsoft saw its revenue climb, its earnings missed expectations and profits fell by 12 percent. Amid the economic downturn, tech companies havebeenlaying off significant portions of their workforce, though Apple doesn't appear to have made similar moves at the moment.

The company is holding a call to go into detail about its financial results at 5pm ET / 2pm PT today, and we will update this post with any additional news and insight.

It's no secret that the huge tech companies are still making money hand over fist, but there's also a noticeable slowdown going on. Google's parent company Alphabet is not immune — the company just reported its earnings results for Q4 of 2022, and just barely grew revenue year over year. The $76 billion the company pulled in during the quarter is up only one percent from Q4 of 2021. 

Google's ad business is the backbone of the company, and revenue slipped there by about 3.5 percent compared to a year ago. But eight percent growth in the "other" category (which includes products like Google and Nest hardware and revenue from the Play Store) and 32 percent yearly growth in in Google Cloud made up for those ad losses. Overall profits, meanwhile, dropped significantly: Quarterly net income of $13.6 billion is down 34 percent year-over-year.

Of course, the backdrop for all this is that Google announced a few weeks ago that it is laying off about 12,000 employees; that makes up about six percent of the company's overall workforce. At the time those layoffs were announced, we didn't yet know what Google's financials for last quarter looked like, but now we can see that things are slowing down. 

That's all relatively speaking, though. Net income of $60 billion for 2022 as a whole was down significantly compared to the $76 billion in profit Alphabet made in 2021 — but it's still far ahead of the $40 billion the company pulled in for 2020. It looks like the big numbers Alphabet posted in 2021 weren't exactly sustainable, and obviously we don't yet know what 2023 will bring. But we'll be tuning into the company's call with investors, which starts at 4:30PM ET, to see what additional details CEO Sundar Pichai can share about the state of Alphabet in the year to come.

Samsung has revealed a sharp decline in profit for 2022, mainly due to the weak demand for its chips and smartphones, which are the company's main moneymakers. The Korean tech giant has posted KRW 302.23 trillion (US$245.4 billion) in annual revenue, which is a new record high for the company, in its latest earnings report. But it has also reported an operating profit of KRW 43.38 trillion (US$35 billion) for all of 2022, down KRW 8.5 trillion (US$6.9 billion) from the year before. 

"The business environment deteriorated significantly in the fourth quarter due to weak demand amid a global economic slowdown," the company explained. While the tech giant's Foundry business posted an increase in profit due to customer and application diversification, its semiconductor business performed poorly as a whole. There was weak demand for its chips overall, as customers adjust and reduce their inventory in the face of economic uncertainties. Its chips' prices also dropped, mostly likely due to a surplus in unsold inventory, contributing to the business' decline in earnings for the year. 

In the fourth quarter of 2022, Samsung's semiconductor business earned KRW 20.07 trillion (US$16.3 billion) in consolidated revenue but only KRW 0.27 trillion (US$219 million) in operating profit. For comparison, it posted a consolidated revenue of KRW 26.01 trillion (US$21.6 billion in early 2022's conversion rates) and an operating profit of KRW 8.84 trillion (US$7.35 billion) for Q4 2021. Samsung is bracing for this downward trend to persist throughout the next few months, though it expects demand for its semiconductors to pick up in the second half of the year. 

Similarly, the demand for smartphones remained weak in the fourth quarter of 2022. Sales for Samsung's more affordable phones went down, and while flagship sales held up to market expectations, they're still lower than previous quarters'. The company expects demand for mass market smartphones to weaken even further in 2023 "due to persistent macroeconomic conditions." But since it also expects demand for premium devices to stay solid, it vows to strengthen "the competitiveness of its premium flagship products." To note, Samsung will hold its first Unpacked event of 2023 on February 1st where it will most likely unveil its next flagship phone, the Galaxy S23. 

Nintendo has announced a solid quarter of earnings, with revenue for the quarter at 349.5 million yen ($2.38 billion) and a 118.7 million yen ($809.6 million) operating profit. That's up by 15.9 and 18.5 percent over last year, largely in part due to a weaker yen, sales outside Japan and the launch of Splatoon 3.

The company is less bullish on Switch console sales, however, lowering its forecast from 21 million to 19 million for 2022. However, it doesn't think that will affect earnings much, with revenue forecast to be 50 billion yen higher at 1.65 trillion yen ($11.25 billion) and operating profit remaining the same at 500 billion yen ($3.4 billion). 

Nintendo said that it has seen a gradual improvement in the supply of semiconductors and other components, along with a "recovery trend in hardware manufacturing for the Switch." However, it lowered the forecast based on sales to date, with the weak yen making up the difference in revenue and profit. 

It also detailed what that might mean for consumers who want to buy a Switch for the holidays. "By continually working to front-load production and selecting appropriate transportation methods in preparation for the holiday season, we will work to deliver as many consoles as possible to consumers in every region of the world."

That'll be helped by the launch of a bunch of new games, as well. On top of Splatoon 3, it released Bayonetta 3 in October, Pokémon Scarlet and Pokémon Violet in November, Fire Emblem Engage coming in January 2023, and Kirby’s Return to Dream Land Deluxe arriving in February 2023.

In its latest earnings drop, Sony said it sold 3.3 million PlayStation 5s this quarter, matching exactly what it did last year and bringing total units sold since launch to 25 million. Its numbers this quarter are far short of what it needs to hit the 18 million PS5 sales target for fiscal year 2022, though. Sales halfway through the fiscal year (ending March 31st) are now at 5.7 million, which is also nearly the same as 2021 at this point (5.6 million). 

Despite the equal number of PS5s sold, revenue was up significantly over last year (12 percent) to 727 billion yen ($4.92 billion), thanks in part to a PS5 price increase earlier this year. However, profit was down by 49 percent due to the company's recent acquisition of Bungie, along with game developer cost increases. 

Sony sold 11.5 million consoles last year, so it's a good bet that 2022 sales will be about the same . However, a lot depends on holiday sales and whether it can keep production up with demand. That's a problem that has plagued the PS5 since it arrived, due to the pandemic and other issues. In May, Sony said that it will finally be able to ramp up production to meet PS5 demand as supply chain issues ease. While it hasn't given any numbers in that regard, anecdotally it appears that the console has been easier to find in recent months. 

Meanwhile, software sales fell to 62.5 million units from 76.4 million this time last year. Digital downloads accounted for 63 percent of that, up slightly from last year. PlayStation Plus subscriber numbers declined for the second consecutive quarter. 

Sony has revised its revenue projection for next quarter downward to due an expected drop in first-party game sales. However, it's bullish on the next fiscal year, aiming to ship 23 million PS5 units in that time. Interestingly, it also still expects to 18 million units by the end of the fiscal year (March 2023), so it may still have something up its sleeve. 

Apple seems to be weathering the financial storm, albeit with a few hitches. The company reported a record high revenue of $90.1 billion in its fiscal fourth quarter, with a net profit of $20.7 billion. While those were only slight increases versus the same period last year (revenue was up 'just' 8 percent), they came despite a rough economic climate and near-flat revenue growth in the previous quarter.

The issues mainly stem from mixed performance across Apple's lineup. It won't surprise you to hear that the iPhone 14 debut helped fuel the company's mobile revenue ($42.6 billion versus last summer's $38.9 billion), but other segments were volatile. While the MacBook Air M2 helped Mac revenue jump 25 percent to $11.5 billion, iPad sales dropped sharply — they fell to just under $7.2 billion versus nearly $8.3 billion a year earlier. And while services like Apple Music and TV+ set a new record of $19.2 billion, that's only a mediocre bump versus the $18.3 billion from a year ago. Sales for the Apple Watch and smart home devices grew solidly from $8.8 billion to $9.7 billion.

The customer base appears to be strong, at least. During Apple's earnings call, CFO Luca Maestri noted that roughly half of Mac and iPad buyers were new to the platform. The company also touted an all-time (but unspecified) high for the number of active devices. CEO Tim Cook added that phone sales were strong despite tight supply constraints for the iPhone 14 Pro and Pro Max.

The fall (Apple's first fiscal quarter of 2023) could be rosier. Apple introduced new iPads in October this year where it released updated models in September last year, so we'd expect a bump in sales for the tablet lineup. Cook added that last year was "unusually strong" thanks to the iPad Pro M1 launch. The iPhone 14 family had also been available for just eight days during the fourth quarter, so overall iPhone sales should improve.

Apple isn't out of trouble yet. It's still hiring more cautiously, and supply issues (including for the Apple Watch Ultra, Cook says) may dog the company for a while. It's also unclear how people will take to devices like the iPhone 14 Plus, which didn't ship until this month. All the same, Apple may be happy. The computer market tanked 19.5 percent during the quarter, according to Gartner estimates, while Canalys believes smartphone shipments dropped 9 percent. If those figures are reasonably accurate, Apple is thriving simply by avoiding sharp declines in most categories.