Plus, Facebook and Instagram run ads for cocaine, opioids and other illegal drugs. And Temu merchants protest what they say are unfair penalties. Zoe Thomas hosts.
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[00:00:00] Here's your TNB Tech Minute for Wednesday, July 31. I'm Zoe Thomas for The Wall Street Journal. Meta platforms said quarterly digital advertising grew rapidly, though investments in artificial intelligence and the so-called metaverse weighed on profits. The company's sales increased to just over $39 billion, a 22 percent increase compared
[00:00:26] to a year earlier. Meta posted a net profit of $13.5 billion for the second quarter. That's up about 73 percent compared with the net profit for the same period in 2023. In other meta news, ads on Facebook and Instagram still steer users to online marketplaces for
[00:00:45] illegal drugs, months after we first reported that the social media giant was facing a federal investigation for the practice. A review by The Wall Street Journal in July found dozens of ads for substances such as cocaine and prescription opioids.
[00:01:00] A separate analysis by the industry watchdog Tech Transparency Project over recent months found hundreds of such ads. A meta spokesman said the company works with law enforcement to combat this type of activity. And a throng of suppliers for bargain site Temu stormed a company affiliate's office
[00:01:18] in southern China earlier this week. Chinese merchants were protesting what they consider to be unfair penalties that have left some bankrupt. The shopping app, which is backed by Chinese e-commerce company PDD Holdings, started imposing hefty charges over what the platform deemed after-sales issues.
[00:01:37] A spokesman for Temu said penalties were needed to maintain a high-quality marketplace. For a deeper dive into what's happening in tech, check out Thursday's Tech News Briefing podcast.