Meta Platforms had a successful Q2, reporting double-digit growth for the first time since Q4 2021. The performance was attributed to a rebound in the digital advertising sector. The good news comes with a warning, as the company says it plans to increase spending on virtual reality and artificial intelligence next year. The parent of Facebook and Instagram reported revenue of just under $32 billion for the period ending June 30, an 11 percent gain over 2022. Advertising contributed a whopping $31.5 billion, growing nearly 12 percent year-over-year. Read more

YouTube TV is bundling Warner Bros. Discovery’s Max with its own NFL Sunday Ticket out-of-market football package. YouTube parent Google entered into an exclusive, seven-year deal to offer the NFL Sunday Ticket package through YouTube TV and YouTube Primetime Channels, beginning with the 2023 season. Max has become a Sunday Ticket partner as part of a broader deal with WBD that includes getting Google TV behind WBD’s relaunch of HBO as Max. Philipp Schindler, chief business officer for Alphabet and Google, shared news of the promos with analysts during his company’s Q2 earnings call. Read more

Foldable phones took center stage at Samsung’s recent Galaxy Unpacked event in Seoul, South Korea, where the company unveiled the Galaxy Z Fold5 and Galaxy Z Flip5 foldables. Also making their debut: the Galaxy Tab S9 family of tablets and Galaxy Watch6, the latter offering a Classic smartwatch model that revives the rotating bezel. Samsung’s foldables utilize the company’s proprietary Flex hinge, which enables the smartphones to close with no gap at the hinge. The company is also promoting the FlexCam and its “ability to capture photos and videos hands-free” from creative angles. Read more

Advancing President Biden’s push for responsible development of artificial intelligence, top AI firms including Anthropic, Google, Microsoft and OpenAI have launched the Frontier Model Forum, an industry forum that will work collaboratively with outside researchers and policymakers to implement best practices. The new group will focus on AI safety, research into its risks, and disseminating information to the public, governments and civil society. Other companies involved in building bleeding-edge AI models will also be invited to join and participate in technical evaluations and benchmarks. Read more

Alphabet posted a strong second quarter, with Google Cloud revenue climbing 28 percent year-over-year, to $8.03 billion, and overall revenue gaining 7 percent, to $74.6 billion, exceeding analyst expectations, as did the $18 billion in net income. Google Search ad sales grew by nearly 5 percent, to $42.6 billion, while ad sales from Google’s YouTube streaming platform rose almost 4 percent, to $7.7 billion. YouTube had in recent quarters sustained revenue declines, attributed to increased competition from TikTok and others, but was finally able to reverse the downward trend. Read more