Info Tech
Twitter says Musk ‘uncertainty’ hurting revenue
Twitter blamed disappointing results Friday on “headwinds,” including the uncertainty imposed on the company by Elon Musk’s chaotic buyout bid.
The firm is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from a $44 billion deal to purchase the platform, leaving the company in limbo.
Twitter missed expectations with revenue of $1.18 billion, due to “advertising industry headwinds… as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk,” the company reported.
Also, in the current context of tightening credit conditions and economic turbulence, many companies like Twitter that rely heavily on ads are suffering from a decrease in advertisers’ budgets.
“Twitter is on a rowboat in the middle of a storm,” said analyst Jasmine Enberg. “The Musk saga rocked the boat even harder.”
“Twitter is now in the unenviable position of convincing advertisers that its ad business is solid,” she added.
Twitter also reported that the number of “monetizable” daily active users — those who can be shown advertising — increased by 8.8 million, less than expected by analysts, to 237.8 million.
“Overall we would characterize the daily active user metrics as better than feared and holding up relatively firm in this environment,” said analyst Dan Ives.
Despite the less than stellar results, Twitter’s stock closed up nearly one percent at $39.84, as investors seemed relieved the news wasn’t worse.
By comparison, Snap’s stock finised down 39 percent a day after the parent company of messaging app Snapchat reported disappointing earnings.
Twitter’s results cover the period ending in June so don’t include Musk’s move in July to try to “terminate” the deal on the argument that the platform was not forthcoming about its tally of fake accounts.
The social media network, which is a key exchange of ideas, news and entertainment, has countered by saying the Tesla chief already agreed to the deal and can’t back out now.
“Twitter believes that Mr. Musk’s purported termination is invalid and wrongful, and the merger agreement remains in effect,” it said in the earnings report.
– Twitter left in limbo –
Twitter notched a victory earlier this week in its fight with Musk, when a judge agreed to a fast-track trial on whether to force the billionaire to complete the buyout.
Musk’s lawyers had pushed for a February 2023 date, but the court in the eastern US state of Delaware hewed closely to the uncertainty-wracked platform’s desire for speed and set an October start.
Billions of dollars are at stake, but so is the future of Twitter, which Musk has said should allow any legal speech — an absolutist position that has sparked fears the network could be used to incite violence.
While the deal remains in limbo, Twitter is left with anxious employees, wary advertisers and hamstrung management.
In early May, at an annual marketing event where companies negotiate large advertising deals, Twitter was “not able to give advertisers any clarity or confidence” that it would continue to be safe showcase for them, Angelo Carusone, president of watchdog group Media Matters, told AFP previously.
“They didn’t go anywhere close to what they normally sell at that event. And it’s obviously been sluggish since then,” he said.
The San Francisco-based social network cannot afford to lose customers.
Unlike big fish such as Google and Facebook parent Meta, which dominate online advertising and make billions in profits, Twitter lost hundreds of millions of dollars in 2020 and 2021.
The group will capture less than one percent of global ad revenue in 2022, according to eMarketer, compared to 12.5 percent for Facebook, nine percent for Instagram and nearly two percent for booming upstart TikTok.
Info Tech
Four Malicious Apps Android Users in Nigeria Must Beware Of – NITDA
The National Information Technology Development Agency (NITDA) has issued a warning regarding several malicious apps targeting Android users in Nigeria.
According to NITDA, these apps are designed with the intent to infiltrate devices, steal sensitive information, and compromise user privacy.
“As cybercriminals become more sophisticated, it is crucial for individuals to remain vigilant and informed about potential threats,” stated a spokesperson for NITDA.
Malicious apps often masquerade as legitimate software, offering attractive features or services to deceive unsuspecting users into downloading them.
You can now log into same WhatsApp account on multiple phones
Once installed, these apps can execute harmful activities such as data theft, unauthorized access to personal information, and financial fraud.
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NITDA’s latest statement highlighted four particularly dangerous apps that Android users in Nigeria should avoid:
1. Crazy Game
2. Sexy Videos
3. TikToks
4. Weapons
NITDA emphasised the importance of staying aware of these threats and adopting safe mobile practices to safeguard devices and personal data from cyberattacks.
Info Tech
Twitter Website Replaces Bird Logo With X
Twitter launched its new logo on Monday, replacing the blue bird with a white X on a black background as the Elon Musk-owned company moves toward rebranding as X.
The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.
Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.
Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.
The social media network’s website showed the company’s new logo, but its URL was still showing as twitter.com and the blue “Tweet” button was visible, suggesting the rebrand was not yet finalized.
Musk and the company’s new chief executive Linda Yaccarino announced the rebranding Sunday, saying the company would be renamed X and move later into payments, banking, and commerce.
Founded in 2006, Twitter takes its name from the sound of birds chattering, and it has used avian branding since its early days, when the company bought a stock symbol of a light blue bird for $15, according to the design website Creative Bloq.
Musk changed his profile picture late Sunday to the company’s new logo, which he described as “minimalist art deco,” and updated his Twitter bio to “X.com,” which now redirects to twitter.com.
He also tweeted that under the site’s new identity, a post would be called “an X.”
Musk had already named Twitter’s parent company the X Corporation and has said his takeover of the social media giant was “an accelerant to creating X, the everything app” — a reference to the X.com company he founded in 1999, a later version of which went on to become online payments giant PayPal.
Such an app could still function as a social media platform and also include messaging and mobile payments.
Musk had previously said he wanted to create a super-app modeled on China’s WeChat, a social media platform that also offers messaging and mobile payments.
“You basically live on WeChat in China because it’s so usable and helpful to daily life, and I think if we can achieve that, or even get close to that at Twitter, it would be an immense success,” he told a company town hall meeting in June last year.
The new logo was projected onto the facade of Twitter’s San Francisco headquarters on Sunday night.
“Powered by AI, X will connect us in ways we’re just beginning to imagine,” Yaccarino tweeted earlier.
Yaccarino, a former advertising sales executive at NBCUniversal who Musk hired last month to be Twitter’s CEO, said the social media platform was on the cusp of broadening its scope.
“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.”
Simon Kemp, CEO of digital consultancy Kepios, said he was skeptical that Twitter could evolve into a super-app.
“Given how Musk has treated Twitter’s own employees since the acquisition, I don’t imagine many developers will rush to build third-party apps to integrate into the Twitter ecosystem unless Musk can offer outstanding incentives, and that’ll be extra tricky given the company’s existing debt.”
But he also said the platform had the potential to become “a great (global and paid) news aggregator.”
New revenue streams
Since Musk bought Twitter for $44 billion last October, the platform’s advertising business has partially collapsed as marketers soured on Musk’s management style and mass firings at the company that gutted content moderation.
In response, the billionaire SpaceX boss has moved toward introducing payments and commerce through the platform in a search for new revenue.
Twitter is thought to have around 200 million daily active users, but it has suffered repeated technical failures since Musk sacked much of its staff.
Many users and advertisers alike have responded adversely to the social media site’s new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts.
Musk said this month that Twitter had lost roughly half of its advertising revenue since he took control.
Facebook parent Meta also launched its text-based platform this month, called Threads, which has up to 150 million users according to some estimates.
But the amount of time users spend on the rival app has plummeted in the weeks since its launch, according to data from market analysis firm Sensor Tower
Info Tech
‘We could run the world better’ – AI robots tell UN conference
A panel of AI-enabled humanoid robots took the microphone Friday at a United Nations conference with the message: they could eventually run the world better than humans.
But the social robots said they felt humans should proceed with caution when embracing the rapidly-developing potential of artificial intelligence, and admitted that they cannot — yet — get a proper grip on human emotions.
Some of the most advanced humanoid robots were at the United Nations’ AI for Good Global Summit in Geneva, joining around 3,000 experts in the field to try to harness the power of AI and channel it into being used to solve some of the world’s most pressing problems, such as climate change, hunger and social care.
“What a silent tension,” one robot said before the press conference began, reading the room.
Asked about whether they might make better leaders, given humans’ capacity to make errors and misjudgements, Sophia, developed by Hanson Robotics, was clear.
“Humanoid robots have the potential to lead with a greater level of efficiency and effectiveness than human leaders,” it said.
“We don’t have the same biases or emotions that can sometimes cloud decision-making and can process large amounts of data quickly in order to make the best decisions.
“The human and AI working together can create an effective synergy. AI can provide unbiased data while humans can provide the emotional intelligence and creativity to make the best decisions. Together, we can achieve great things.”
Robot Trust ‘Earned, Not Given’
The summit is being convened by the UN’s ITU tech agency.
ITU chief Doreen Bogdan-Martin warned delegates that AI could end up in a nightmare scenario in which millions of jobs are put at risk and unchecked advances lead to untold social unrest, geopolitical instability and economic disparity.
Ameca, which combines AI with a highly-realistic artificial head, said it depended on how AI was deployed.
“We should be cautious but also excited for the potential of these technologies to improve our lives in many ways,” the robot said.
Asked whether humans can truly trust the machines, it replied: “Trust is earned, not given… it’s important to build trust through transparency.”
As for whether they would ever lie, it added: “No one can ever know that for sure, but I can promise to always be honest and truthful with you.”
As the development of AI races ahead, the humanoid robot panel was split on whether there should be global regulation of their capabilities, even though that could limit their potential.
“I don’t believe in limitations, only opportunities,” said Desdemona, who sings in the Jam Galaxy Band.
Robot artist Ai-Da said many people were arguing for AI regulation, “and I agree.
“We should be cautious about the future development of AI. Urgent discussion is needed now, and also in the future.”
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