Meta to pay a portion of the $17.1 billion kid safety settlement unless TikTok and YouTube match it

Meta agreed to pay up to $17B to settle child-safety lawsuits, with changes to Instagram and Facebook for teens, including daily usage limits and restricted notifications. The company reported $201B in 2023 revenue and $90.3B in cash at Q2's end. Regulators are pushing for industry-wide changes, affecting Meta's ad-driven business model. Meta's Q2 operating expenses rose 55%, while net income fell 14%.

Abercrombie & Fitch (ANF) rose 35.7% after reporting stronger-than-expected quarterly profit and raising its full-year earnings forecast. JM Smucker (SJM) climbed 4.3% on similar results. Intuit (INTU) fell 3.2% despite beating earnings expectations, due to a weaker-than-expected profit forecast. Meta Platforms (META) gained 1.1% after a $17B settlement. Inflation data showed a 3.7% rate, slightly worse than expected, with Treasury yields ticking higher.

Meta Platforms (META) agreed to a settlement of up to $18 billion to resolve a lawsuit alleging teen addiction to its platforms. The agreement includes daily time limits of 2 hours for users under 18 on Instagram and Facebook, with parental controls. Nighttime restrictions and school-time notification blocks are also part of the settlement. Meta faces additional legal challenges related to child safety.

Meta agreed to pay up to $18 billion and add child-safety measures to settle claims by 48 states over teen social media addiction. The settlement includes default time limits and disabling features like 'like' counts. Meta shares rose 1.5% after the announcement. The deal covers Facebook and Instagram, with payments over 10 years. Meta urged rivals TikTok and YouTube to adopt similar safety measures.

Meta Platforms Inc. is reportedly in settlement talks with state attorneys general in a lawsuit accusing the company of designing Facebook and Instagram to addict teenagers. The case, involving 29 states, seeks financial penalties and operational changes. Meta faces potential fines of up to $1.4 trillion, close to its market value. The trial is ongoing in federal court in California, with Meta denying the allegations.

U.S. stock markets were mostly unchanged after a report showed inflation was slightly worse than expected. The S&P 500, Dow, and Nasdaq saw minor declines. Treasury yields ticked higher, and traders still expect a Fed rate hike by year-end. Nvidia's earnings report is anticipated after market close. Abercrombie & Fitch and J.M. Smucker rose on strong earnings, while Intuit fell on a lower-than-expected forecast. Meta Platforms gained after a $17B settlement. Oil prices fluctuated due to geopolit