In a Thursday memo, Meta's "Head of People" told employees "that their managers would receive their badge data and that repeated violations of the new three-day-a-week requirement could cause workers to lose their jobs," writes SFGate (citing a report from Insider): In June, the Menlo Park-based firm announced its plan to require that most employees work from an office at least three days each week — it goes into effect Sept. 5... Meta confirmed the update to SFGATE... Goler's note on the return-to-office requirements, Insider reports, reads, "As with other company policies, repeated violations may result in disciplinary action, up to and including a Performance rating drop and, ultimately, termination if not addressed."

As for employees who are grandfathered into a remote work arrangement (the firm bars managers from opening more of these positions), the note lays down a strict policy: If remote employees consistently come into the office more than four times every two months outside major events, they'll be shifted to the three-day-a-week plan.

"We believe that distributed work will continue to be important in the future, particularly as our technology improves," a Meta spokesperson said in a statement sent to SFGATE. "In the near-term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we're being thoughtful and intentional about where we invest in remote work."
The article notes that Mark Zuckerberg told The Verge in 2020 that Meta would become "the most forward-leaning company on remote work at our scale," speculating that half the company could be permanently remote within a decade.

"However, in 2023, which Zuckerberg dubbed Meta's 'year of efficiency,' employees have seen a remote-first culture melt away. In March, as the executive announced 10,000 layoffs on top of a huge cut in November, he wrote that early-career engineers do better when they're working in person at least three days a week."

An anonymous reader quotes a report from Reuters: The Canadian government on Friday demanded that Meta lift a "reckless" ban on domestic news from its platforms to allow people to share information about wildfires in the west of the country. Meta started blocking news on its Facebook and Instagram platforms for all users in Canada this month in response to a new law requiring internet giants to pay for news articles. Some people fleeing wildfires in the remote northern town of Yellowknife have complained to domestic media that the ban prevented them from sharing important data about the fires.

"Meta's reckless choice to block news ... is hurting access to vital information on Facebook and Instagram," Heritage Minister Pascale St-Onge said in a social media post. "We are calling on them to reinstate news sharing today for the safety of Canadians facing this emergency. We need more news right now, not less," she said. Transport Minister Pablo Rodriguez earlier said the ban meant people did not have access to crucial information. Chris Bittle, a legislator for the ruling Liberal Party, complained on Thursday that "Meta's actions to block news are reckless and irresponsible." Ollie Williams, who runs Yellowknife's Cabin Radio digital radio station, told the Canadian Broadcasting Corp. that people were posting screen shots of information on Facebook since they could not share links to news feeds. A Meta spokesperson responded by saying that the company had activated the "Safety Check" feature on Facebook that allows users to mark that they are safe in the wake of a natural disaster or a crisis.

OpenAI has acquired Global Illumination, a small "digital product company" that has a link to a game called Biomes. The web-based, open source sandbox MMORPG "has a striking resemblance to Minecraft," says The Verge's Jay Peters. From the report: In its announcement, OpenAI didn't disclose the terms of the acquisition but said that Global Illumination's "entire team" has joined the company to work on its "core products," including ChatGPT. Beyond that, OpenAI didn't specify what the Global Illumination team would be doing at the company. OpenAI didn't immediately reply to a request for comment.

"Global Illumination is a company that has been leveraging AI to build creative tools, infrastructure, and digital experiences," OpenAI said in the announcement. "The team previously designed and built products early on at Instagram and Facebook and have also made significant contributions at YouTube, Google, Pixar, Riot Games, and other notable companies." TechCrunch notes that this is OpenAI's "first public acquisition in its roughly seven-year history."

An anonymous reader quotes a report from the New York Times: This year, BMO, a Canadian bank, was looking for Canadian adults to apply for a credit card. So the bank's advertising agency ran a YouTube campaign using an ad-targeting system from Google that employs artificial intelligence to pinpoint ideal customers. But Google, which owns YouTube, also showed the ad to a viewer in the United States on a Barbie-themed children's video on the "Kids Diana Show," a YouTube channel for preschoolers whose videos have been watched more than 94 billion times. When that viewer clicked on the ad, it led to BMO's website, which tagged the user's browser with tracking software from Google, Meta, Microsoft and other companies, according to new research from Adalytics, which analyzes ad campaigns for brands. As a result, leading tech companies could have tracked children across the internet, raising concerns about whether they were undercutting a federal privacy law, the report said. The Children's Online Privacy Protection Act, or COPPA, requires children's online services to obtain parental consent before collecting personal data from users under age 13 for purposes like ad targeting.

Adalytics identified more than 300 brands' ads for adult products, like cars, on nearly 100 YouTube videos designated as "made for kids" that were shown to a user who was not signed in, and that linked to advertisers' websites. It also found several YouTube ads with violent content, including explosions, sniper rifles and car accidents, on children's channels. An analysis by The Times this month found that when a viewer who was not signed into YouTube clicked the ads on some of the children's channels on the site, they were taken to brand websites that placed trackers -- bits of code used for purposes like security, ad tracking or user profiling -- from Amazon, Meta's Facebook, Google, Microsoft and others -- on users' browsers. As with children's television, it is legal, and commonplace, to run ads, including for adult consumer products like cars or credit cards, on children's videos. There is no evidence that Google and YouTube violated their 2019 agreement with the F.T.C.

The report's findings raise new concerns about YouTube's advertising on children's content. In 2019, YouTube and Google agreed topay a record $170 million fineto settle accusations from the Federal Trade Commission and the State of New York that the company had illegally collected personal information from children watching kids' channels. Regulators said the company had profited from using children's data to target them with ads. YouTube then said it would limit the collection of viewers' data and stop serving personalized ads on children's videos. On Thursday, two United States senators sent a letter to the F.T.C., urging it to investigate whether Google and YouTube had violated COPPA, citing Adalytics and reporting by The New York Times. Senator Edward J. Markey, Democrat of Massachusetts, and Senator Marsha Blackburn, Republican of Tennessee, said they were concerned that the company may have tracked children and served them targeted ads without parental consent, facilitating "the vast collection and distribution" of children's data. "This behavior by YouTube and Google is estimated to have impacted hundreds of thousands, to potentially millions, of children across the United States," the senators wrote. Google spokesman Michael Aciman called the report's findings "deeply flawed and misleading."

Google has stated that running ads for adults on children's videos is useful because parents watching could become customers. However, they acknowledge that violent ads on children's videos violate their policies and have taken steps to prevent such ads from running in the future. Google claims they do not use personalized ads on children's videos, ensuring compliance with COPPA.

Google notes that it does not inform advertisers if a viewer has watched a children's video, only that they clicked on the ad. Google also says it cannot control data collection on a brand's website after a YouTube viewer clicks an ad -- a process that could occur on any website.

What to make of the news that early research appears unable to duplicate the much-ballyhooed claims for the LK99 superconductor?

"The episode revealed the intense appetite in Silicon Valley for finding the next big thing," argues the Washington Post, "after years of hand-wringing that the tech world has lost its ability to come up with big, world-changing innovations, instead channeling all its money and energy into building new variations of social media apps and business software..." [M]any tech leaders are nervous that the current focus on consumer and business software has led to stagnation. A decade ago, investors prophesied that self-driving cars would take over the roads by the mid-2020s — but they are still firmly in the testing phase, despite billions of dollars of investment. Cryptocurrencies and blockchain technology have had multiple hype cycles of their own, but have yet to fundamentally change any industry, besides crime and money laundering. Tech meant to help mitigate climate change, like carbon capture and storage, has lagged without major advances in years. Meanwhile, Big Tech companies used their huge cash hoards to snap up smaller competitors, with antitrust regulators only recently beginning to clamp down on consolidation. Over the last year, as higher interest rates have cut into the amount of venture capital and slowing growth has caused companies to pull back spending, a massive wave of layoffs has swept the industry, and companies such as Google that previously said they'd invest some of their profits in big, risky ideas have turned away from such "moonshots..."

Room-temperature superconductors would be especially relevant to the tech industry right now, which is busy burning billions of dollars on new computer chips and the energy costs to run them to train the AI models behind tools like ChatGPT and Google's Bard. For years, computer chips have gotten smaller and more efficient, but that progress has run up against the limits of the physical world as transistors get so small some are now just one atom thick.

It's time for the open source Rambos to stop fighting and agree that developers care more about software's access and ease of use than the purity of its license, reads a piece on InfoWorld. From the report: The open source war is over, however much some want to continue soldiering on. Recently Meta (Facebook) released Llama 2, a powerful large language model (LLM) with more than 70 billion parameters. In the past, Meta had restricted use of its LLMs to research purposes, but with Llama 2, Meta opened it up; the only restriction is that it can't be used for commercial purposes. Only a handful of companies have the computational horsepower to deploy it at scale (Google, Amazon, and very, very few others).

This means, of course, it's not "open source" according to the Open Source Definition (OSD), despite Meta advertising it as such. This has a few open source advocates crying, Rambo style, "They drew first blood!" and "Nothing is over! Nothing! You just don't turn it off!", insistent that Meta stop calling Llama 2 "open source." They're right, in a pedantic sort of way, but they also don't seem to realize just how irrelevant their concerns are. For years developers have been voting with their GitHub repositories to pick "open enough." It's not that open source doesn't matter, but rather it has never mattered in the way some hoped or believed. More than 10 years ago, the trend toward permissive licensing was so pronounced that RedMonk analyst James Governor declared, "Younger [developers] today are about POSS -- post open source software. [Screw] the license and governance, just commit to GitHub." In response, people in the comments fretted and scolded, saying past trends like this had resulted in "epic clusterf-s" or that "promiscuous sharing w/out a license leads to software-transmitted diseases."

And yet, millions of unlicensed GitHub repositories later, we haven't entered the dark ages of software licensing. Open source, or "open enough," software now finds its way into pretty much all software, however it ends up being licensed to the end user. Ideal? Perhaps not. But a fact of life? Yep. In response, GitHub and others have devised ways to entice developers to pick open source licenses to govern their projects. As I wrote back in 2014, all these moves will likely help, but the reality is that they also won't matter. They won't matter because "open source" doesn't really matter anymore. Not as some countercultural raging against the corporate software machine, anyway. All of this led me to conclude we're in the midst of the post-open source revolution, a revolution in which software matters more than ever, but its licensing matters less and less.

Seven years after updating Messenger to allow it to serve as your default Android text messaging app, the company formerly known as Facebook is quietly abandoning the feature. From a report: According to a support page, the feature will disappear after September 28th. I don't know anyone that uses it, but at least it'll be nice to have one fewer screens to tap through during setup.

PayPal has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. Reuters reports: PayPal's announcement, which lifted its shares 2.66% on Monday, reflects a show of confidence in the troubled cryptocurrency industry that has over the last 12 months grappled with regulatory headwinds that were exacerbated by a string of high-profile collapses. "PayPal isn't quite as polarizing as Facebook, but it's a high-profile name that will surely get attention on Capitol Hill, and from the [Federal Reserve] and [Securities and Exchange Commission]," said Ian Katz, managing director of Capital Alpha Partners, in a note.

PayPal's stablecoin, dubbed PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, and will be issued by Paxos Trust Co. It will gradually be available to PayPal customers in the United States. The token can be redeemed for U.S. dollars at any time, and can also be used to buy and sell the other cryptocurrencies PayPal offers on its platform, including bitcoin. "PYUSD is the first of its kind, representing the next phase of U.S. dollars on the blockchain," Paxos posted on messaging platform X, formerly known as Twitter. "This is not just a milestone moment for Paxos & PayPal, but for the entire financial industry."

Threads, Meta's Twitter rival, is struggling to retain users roughly a month after its highly publicized launch, according to fresh industry estimates showing that app engagement has fallen to new lows. From a report: The data from market research firms Similarweb and Sensor Tower highlight the challenges facing Meta as it seeks to exploit the opening created by the chaos surrounding Twitter's management. Threads' daily active user count is down 82% from launch as of July 31, according to Sensor Tower, with just eight million users accessing the app each day.

That is the lowest it has been since the day after the app's release when daily active users peaked at roughly 44 million, Sensor Tower said. People are also opening the app less frequently and spending less time there, Sensor Tower added. On its launch day, Threads users opened the app an average of 14 times and spent an average of 19 minutes scrolling through it, the company reported. By the end of the month, however, those figures had fallen sharply.

Alibaba said Thursday it is opening up its own artificial intelligence model to third-party developers in a move that would pit it against OpenAI and Meta, which has made similar moves. CNBC reports: In April, Alibaba launched its large language model (LLM) called Tongyi Qianwen. A LLM is an artificial intelligence model trained on huge amounts of data. It is also the basis for generative AI applications, such as ChatGPT -- which generate human-like responses to user prompts. Tongyi Qianwen allows AI content generation in English and Chinese and has different model sizes, including seven billion parameters and above. A model's parameters refer to its power.

Alibaba will be open-sourcing the seven-billion-parameter model called Qwen-7B, along with a version designed for conversational apps, called Qwen-7B-Chat. This means that researchers, academics and companies globally can use the model to create their own generative AI apps without needing to train their own systems, saving time and expense. Companies with more than 100 million monthly active users will require a royalty-free license from Alibaba to do so. While Alibaba might not earn licensing fees from open-sourcing its technology, the distribution will help the company get more users for its AI model.

The Ray-Ban smart glasses launched by Meta almost two years ago have struggled to catch on with owners, many of whom appear to be using the devices infrequently, according to internal company data. WSJ: Less than 10% of the Ray-Ban Stories purchased since the product's launch in September 2021 are used actively by purchasers, according to a company document from February reviewed by The Wall Street Journal. Meta sold a total of 300,000 of the wearable devices through February, but the company only had about 27,000 monthly active users.

The device, an important part of Meta's hardware strategy, allows users to take photos and listen to music with the frames of their glasses, among other features. It has experienced a 13% return rate, according to the document. Among the top drivers of poor user experience were issues with connectivity, problems with some of the hardware features including battery life, inability for users to import media from the devices, issues with the audio on the product and problems with voice commands for the smart glasses, according to the document.

An Australian Senate committee has recommended a ban on the Chinese-owned video-sharing app TikTok from federal government devices be extended to China's most popular social media platform, WeChat. From a report: The Committee on Foreign Interference through Social Media also recommended in a report late Tuesday that social media giants such as Facebook and Twitter should become more transparent or be fined. Committee chair James Paterson said on Wednesday the report's recommendations would make Australia a more difficult target for the serious foreign interference risks that the nation faced. "It tackles both the problems posed by authoritarian-headquartered social media platforms like TikTok and WeChat and Western-headquartered social media platforms being weaponized by the actions of authoritarian governments including Facebook, YouTube and Twitter," Paterson told reporters.

Starting today, Facebook and Instagram users in Canada will no longer be able to view or share news links or see videos and photos published by publishers and broadcasters. Engadget reports: Meta made the decision in response to Canadian legislators passing the Online News Act. The law requires certain platforms to negotiate revenue-sharing agreements with news organizations. The aim is to address the collapse in advertising revenue that news outlets have struggled with over the last two decades amid the growth of online services.

"News links and content posted by news publishers and broadcasters in Canada will no longer be viewable by people in Canada," Meta said. "We are identifying news outlets based on legislative definitions and guidance from the Online News Act." Any content shared by international news organizations won't be visible on Facebook and Instagram in Canada either.

According to the Financial Times, Meta is preparing to launch AI-enabled chatbots with unique personalities, such as a surfer personality and a chatbot based on Abraham Lincoln. Engadget reports: This is an attempt to boost engagement across Meta's social media platforms, as human-like discussions tend to be more interesting than droll robotic responses. The company hasn't announced which of these platforms would host Abe Lincoln and his pals, though previous reports indicated Instagram, Messenger and WhatsApp would be recipients of this new technology. Meta staffers are calling these chatbots "personas" and they could launch as soon as September. These personas will provide a new way to search and they'll even offer recommendations, similar to how current chatbots work, though ChatGPT and the rest don't have Abraham Lincoln on the payroll (just don't ask him about the best local opera houses.)

FT notes that the chatbots could also collect vast amounts of personal data, something Meta has never shied away from. After all, you'll likely share more personal details with a human-like companion than one devoid of personality. The vast majority of Meta's yearly revenue comes from advertising, so go ahead and tell your good friend Abe all about your likes and dislikes. What's the worst that could happen?

Meta intends to ask users in the European Union for their consent before allowing businesses to target advertising based on what they view on its services such as Facebook and Instagram, the social media giant said on Tuesday. From a report: Meta said the change is to address a number of evolving regulatory requirements in the region and stems from an order in January by Ireland's Data Protection Commissioner, Meta's lead EU regulator, to reassess the legal basis on how it targets ads.

Facebook and Instagram users had effectively agreed to allow their data to be used in targeted advertising when they signed up to the services' terms and conditions, until the regulator ruled it could not process personal information in that way. "Today, we are announcing our intention to change the legal basis that we use to process certain data for behavioural advertising for people in the EU, EEA (European Economic Area) and Switzerland from 'Legitimate Interests' to 'Consent'," Meta said in a blog post.

An anonymous reader quotes a report from Ars Technica: Starting today, Facebook users may feel a little less safe posting anonymously. The Court of the Hague in The Netherlands ruled that Meta Ireland must unmask an anonymous user accused of defaming the claimant, a male Facebook user who allegedly manipulated and made secret recordings of women he dated. The anonymous Facebook user posted the allegedly defamatory statements in at least two private Facebook groups dedicated to discussing dating experiences. The claimant could not gain access but was shown screenshots from the groups, one with about 2,600 members and one with around 61,000 members. The claimant argued that his reputation had suffered from the repeated postings that included photos of the man and alleged screenshots of his texts.

The claimant tried to get Meta to remove the posts, but Meta responded with an email saying that it would not do so because "it is not clear to us that the content you reported is unlawful as defamation." At that point, Meta suggested that the man contact the anonymous user directly to resolve the matter, triggering the lawsuit against Meta. Initially, the claimant asked the court to order Meta to delete the posts, identify the anonymous user, and flag any posts in other private Facebook groups that could defame the claimant. While arguing the case, Meta had defended the anonymous user's right to freedom of expression, but the court decided that the claimant -- whose name is redacted in court documents -- deserved an opportunity to challenge the allegedly defamatory statements. Partly for that reason, the court ordered Meta to provide "basic subscriber information" on the anonymous user, including their username, as well as any names, email addresses, or phone numbers associated with their Facebook account. The court did not order Meta to remove the posts or flag any others that may have been shared in private groups, though.

Meta has already agreed to comply with the order, the court's ruling said. However, if Meta fails to provide the Facebook user's identifying information, the social media company risks a penalty of approximately $1,200 daily. The maximum fine that Meta could face is less than $130,000. [...] Meta's defense of the anonymous user's right to free speech failed, the court said, because freedom of speech is not unlimited. "Someone who, without evidence, repeatedly makes serious and clearly traceable accusations, must take into account, partly in the light of the conditions applied by Facebook, that he or she may be confronted with a measure whereby his or her anonymity is lifted," the court order said. Although the key concern for The Court in the Hague appeared to be that the statements posted anonymously were plausibly defamatory, the order also noted that the content would not have to necessarily be unlawful for Facebook to be ordered to identify the user posting it. "According to settled case law, under certain circumstances Meta has an obligation to provide identifying data, even if the content of the relevant messages is not unmistakably unlawful," the court order said.

Oxide Computer Company spent four years working toward "The power of the cloud in your data center... bringing hyperscaler agility to the mainstream enterprise." And on June 30, Oxide finally shipped its very first server rack.

Long-time Slashdot reader destinyland shares this report: It's the culmination of years of work — to fulfill a long-standing dream. In December of 2019, Oxide co-founder Jess Frazelle had written a blog post remembering conversations over the year with people who'd been running their own workloads on-premises... "Hyperscalers like Facebook, Google, and Microsoft have what I like to call 'infrastructure privilege' since they long ago decided they could build their own hardware and software to fulfill their needs better than commodity vendors. We are working to bring that same infrastructure privilege to everyone else!"

Frazelle had seen a chance to make an impact with "better integration between the hardware and software stacks, better power distribution, and better density. It's even better for the environment due to the energy consumption wins."
Oxide CTO Bryan Cantrill sees real problems in the proprietary firmware that sits between hardware and system software — so Oxide's server eliminates the BIOS and UEFI altogether, and replaces the hardware-managing baseboard management controller (or BMC) with "a proper service processor." They even wrote their own custom, all-Rust operating system (named Hubris). On the Software Engineering Daily podcast, Cantrill says "These things boot like a rocket."

And it's all open source. "Everything we do is out there for people to see and understand..." Cantrill added. On the Changelog podcast Cantrill assessed its significance. "I don't necessarily view it as a revolution in its own right, so much as it is bringing the open source revolution to firmware."

Oxide's early funders include 92-year-old Pierre Lamond (who hired Andy Grove at Fairchild Semiconductor) — and customers who supported their vision. On Software Engineering Daily's podcast Cantrill points out that "If you're going to use a lot of compute, you actually don't want to rent it — you want to own it."

An anonymous reader quotes a report from Ars Technica: Meta's new Twitter competitor, Threads, is looking for ways to keep users interested after more than half of the people who signed up for the text-based platform stopped actively using the app, Meta CEO Mark Zuckerberg reportedly told employees in a company town hall yesterday. Threads launched on July 5 and signed up over 100 million users in less than five days, buoyed by user frustration with Elon Musk-owned Twitter.

"Obviously, if you have more than 100 million people sign up, ideally it would be awesome if all of them or even half of them stuck around. We're not there yet," Zuckerberg told employees yesterday, according to Reuters, which listened to audio of the event. Third-party data suggests that Threads may have lost many more than half of its active users. Daily active users for Threads on Android dropped from 49 million on July 7 to 23.6 million on July 14, and then to 12.6 million on July 23, web analytics company SimilarWeb reported.

"We don't yet have daily numbers for iOS, but we suspect the boom-and-bust pattern is similar," SimilarWeb wrote. "Threads took off like a rocket, with its close linkage to Instagram as the booster. However, the developers of Threads will need to fill in missing features and add some new and unique ones if they want to make checking the app a daily habit for users." Although losing over half of the initial users in a short period might sound discouraging, the Reuters article said Zuckerberg told employees that user retention was better than Meta executives expected. "Zuckerberg said he considered the drop-off 'normal' and expected retention to grow as the company adds more features to the app, including a desktop version and search functionality," Reuters wrote.

According to new research published Thursday, conservatives on Facebook during the 2020 presidential election were more isolated and saw more misinformation than the platform's liberal users -- though Facebook widely affected users' political content in different ways. Slashdot reader RUs1729 shared one of the four peer-reviewed studies, appearing in the journals Science and Nature. Forbes reports: The study, led by two researchers from the University of Texas and New York University, had hundreds of thousands of participants and analyzed mass amounts of Facebook user data. One of the study's papers, which used aggregated data for 208 million U.S. Facebook users, found that most misinformation on Facebook existed within conservative echo chambers, which did not have an equivalent on the liberal side of the platform. The paper found that news outlets on the right post a higher fraction of news stories rated false by Meta's third-party fact-checking program, meaning conservative audiences are more exposed to unreliable news.

In a separate paper that assigned users to Facebook and Instagram feeds chronologically instead of algorithm-based feeds, which are the platforms' default feed types, researchers found users on chronological feeds were less engaged and saw more political content compared to those viewing algorithm-based feeds, along with more content from untrustworthy sources and more content from ideologically moderate friends and sources with mixed audiences. However, the feed analysis noted replacing algorithmic feeds with chronological ones did not create any detectable changes in political attitudes, knowledge or offline behavior.

Another paper assigned nearly 9,000 U.S.-based Facebook users feeds with no reshares, later concluding that the removal of reshared content "substantially" lessened the amount of political news, and content from all untrustworthy sources decreased overall. The two lead researchers and 15 other academics, who had control rights for the study's papers, declined compensation from Meta to ensure an ethical study was completed.

schwit1 shares a report from CNBC: Meta reported second-quarter earnings on Wednesday and said that its Reality Labs unit, which develops virtual reality and augmented reality technologies needed to power the metaverse, logged a $3.7 billion operating loss. Last year, Meta's Reality Labs unit lost a total of $13.7 billion while bringing in $2.16 billion in revenue, which is driven in part by the company's sales of Quest-branded VR headsets. Reality Labs lost $3.99 billion during the first quarter. That puts its total losses at about $21.3 billion since the beginning of last year.

Meta said in its earnings report that it expects operating losses in its Reality Labs unit "to increase meaningfully year-over-year due to our ongoing product development efforts in augmented reality/virtual reality and investments to further scale our ecosystem." Despite Reality Labs' operating loss, Meta reported revenue of $32 billion for its quarter ending in June, an 11% increase compared to the same period last year. "The company reported profits of $7.79 billion for the quarter, a 16% increase compared to last year, also beating analysts' estimates," adds CNN.