Technology
Meta Reports Second Quarter 2024 Results
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2 months agoon
By
MENLO PARK, Calif., July 31, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended June 30, 2024.
“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said Mark Zuckerberg, Meta founder and CEO. “We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.”
Second Quarter 2024 Financial Highlights
Three Months Ended June 30,
% Change
In millions, except percentages and per share amounts
2024
2023
Revenue
$ 39,071
$ 31,999
22 %
Costs and expenses
24,224
22,607
7 %
Income from operations
$ 14,847
$ 9,392
58 %
Operating margin
38 %
29 %
Provision for income taxes
$ 1,641
$ 1,505
9 %
Effective tax rate
11 %
16 %
Net income
$ 13,465
$ 7,788
73 %
Diluted earnings per share (EPS)
$ 5.16
$ 2.98
73 %
Second Quarter 2024 Operational and Other Financial Highlights
Family daily active people (DAP) – DAP was 3.27 billion on average for June 2024, an increase of 7% year-over-year.Ad impressions – Ad impressions delivered across our Family of Apps increased by 10% year-over-year.Average price per ad – Average price per ad increased by 10% year-over-year.Revenue – Total revenue was $39.07 billion, an increase of 22% year-over-year. Revenue on a constant currency basis would have increased 23% year-over-year.Costs and expenses – Total costs and expenses were $24.22 billion, an increase of 7% year-over-year.Capital expenditures – Capital expenditures, including principal payments on finance leases, were $8.47 billion.Capital return program – Share repurchases were $6.32 billion of our Class A common stock and dividend payments were $1.27 billion.Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $58.08 billion as of June 30, 2024. Free cash flow was $10.90 billion.Headcount – Headcount was 70,799 as of June 30, 2024, a decrease of 1% year-over-year.
CFO Outlook Commentary
We expect third quarter 2024 total revenue to be in the range of $38.5-41 billion. Our guidance assumes foreign currency is a 2% headwind to year-over-year total revenue growth, based on current exchange rates.
We expect full-year 2024 total expenses to be in the range of $96-99 billion, unchanged from our prior outlook. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.
While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint.
We anticipate our full-year 2024 capital expenditures will be in the range of $37-40 billion, updated from our prior range of $35-40 billion. While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.
Absent any changes to our tax landscape, we expect our full-year 2024 tax rate to be in the mid-teens.
In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation.
Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.
Disclosure Information
Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
About Meta
Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.
Contacts
Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com
Press:
Ryan Moore
press@meta.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on April 25, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. In addition, please note that the date of this press release is July 31, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.
For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.
Our non-GAAP financial measures are adjusted for the following items:
Foreign exchange effect on revenue. We translated revenue for the three and six months ended June 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.
Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenue
$ 39,071
$ 31,999
$ 75,527
$ 60,645
Costs and expenses:
Cost of revenue
7,308
5,945
13,948
12,054
Research and development
10,537
9,344
20,515
18,725
Marketing and sales
2,721
3,154
5,285
6,198
General and administrative (1)
3,658
4,164
7,114
7,049
Total costs and expenses
24,224
22,607
46,862
44,026
Income from operations
14,847
9,392
28,665
16,619
Interest and other income (expense), net
259
(99)
624
(19)
Income before provision for income taxes
15,106
9,293
29,289
16,600
Provision for income taxes
1,641
1,505
3,455
3,102
Net income
$ 13,465
$ 7,788
$ 25,834
$ 13,498
Earnings per share:
Basic
$ 5.31
$ 3.03
$ 10.17
$ 5.24
Diluted
$ 5.16
$ 2.98
$ 9.86
$ 5.18
Weighted-average shares used to compute earnings per share:
Basic
2,534
2,568
2,540
2,577
Diluted
2,610
2,612
2,619
2,604
(1) The second quarter 2024 general and administrative expenses include a charge for the recent settlement with the State of Texas. The settlement amount is fully accrued as of June 30, 2024.
META PLATFORMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
June 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 32,045
$ 41,862
Marketable securities
26,035
23,541
Accounts receivable, net
14,505
16,169
Prepaid expenses and other current assets
3,846
3,793
Total current assets
76,431
85,365
Non-marketable equity securities
6,207
6,141
Property and equipment, net
102,959
96,587
Operating lease right-of-use assets
14,058
13,294
Goodwill
20,654
20,654
Other assets
9,929
7,582
Total assets
$ 230,238
$ 229,623
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 3,173
$ 4,849
Operating lease liabilities, current
1,917
1,623
Accrued expenses and other current liabilities
21,914
25,488
Total current liabilities
27,004
31,960
Operating lease liabilities, non-current
17,685
17,226
Long-term debt
18,389
18,385
Long-term income taxes
7,897
7,514
Other liabilities
2,500
1,370
Total liabilities
73,475
76,455
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital
78,270
73,253
Accumulated other comprehensive loss
(2,695)
(2,155)
Retained earnings
81,188
82,070
Total stockholders’ equity
156,763
153,168
Total liabilities and stockholders’ equity
$ 230,238
$ 229,623
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 13,465
$ 7,788
$ 25,834
$ 13,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
3,637
2,623
7,011
5,147
Share-based compensation
4,616
4,060
8,178
7,111
Deferred income taxes
(1,643)
(1,137)
(2,098)
(1,757)
Impairment charges for facilities consolidation, net
41
232
280
1,002
Other
(6)
212
(71)
204
Changes in assets and liabilities:
Accounts receivable
(1,171)
(1,424)
1,350
1,122
Prepaid expenses and other current assets
(84)
(54)
16
767
Other assets
54
37
(41)
67
Accounts payable
250
(51)
(862)
(1,155)
Accrued expenses and other current liabilities
(497)
5,174
(1,771)
5,268
Other liabilities
708
(151)
790
33
Net cash provided by operating activities
19,370
17,309
38,616
31,307
Cash flows from investing activities
Purchases of property and equipment, net
(8,173)
(6,134)
(14,573)
(12,957)
Purchases of marketable debt securities
(3,289)
(717)
(10,176)
(803)
Sales and maturities of marketable debt securities
3,233
1,816
7,858
2,351
Acquisitions of businesses and intangible assets
(57)
(83)
(129)
(527)
Other investing activities
(12)
(85)
(12)
(10)
Net cash used in investing activities
(8,298)
(5,203)
(17,032)
(11,946)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards
(3,208)
(1,692)
(6,370)
(2,701)
Repurchases of Class A common stock
(6,299)
(898)
(21,307)
(10,263)
Dividend payments
(1,266)
—
(2,539)
—
Proceeds from issuance of long-term debt, net
—
8,455
—
8,455
Principal payments on finance leases
(299)
(220)
(614)
(484)
Other financing activities
(106)
(353)
(115)
(231)
Net cash provided by (used in) financing activities
(11,178)
5,292
(30,945)
(5,224)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(152)
(14)
(440)
71
Net increase (decrease) in cash, cash equivalents, and restricted cash
(258)
17,384
(9,801)
14,208
Cash, cash equivalents, and restricted cash at beginning of the period
33,284
12,420
42,827
15,596
Cash, cash equivalents, and restricted cash at end of the period
$ 33,026
$ 29,804
$ 33,026
$ 29,804
Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets
Cash and cash equivalents
$ 32,045
$ 28,785
$ 32,045
$ 28,785
Restricted cash, included in prepaid expenses and other current assets
100
165
100
165
Restricted cash, included in other assets
881
854
881
854
Total cash, cash equivalents, and restricted cash
$ 33,026
$ 29,804
$ 33,026
$ 29,804
META PLATFORMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Supplemental cash flow data
Cash paid for income taxes, net
$ 5,929
$ 1,102
$ 6,559
$ 1,507
Cash paid for interest, net of amounts capitalized
$ 124
$ —
$ 245
$ 182
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other
current liabilities
$ 3,229
$ 3,845
$ 3,229
$ 3,845
Acquisition of businesses and intangible assets in accrued expenses and
other current liabilities and other liabilities
$ 267
$ 217
$ 267
$ 217
Segment Results
We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.
The following table presents our segment information of revenue and income (loss) from operations:
Segment Information
(In millions)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
Revenue:
Advertising
$ 38,329
$ 31,498
$ 73,965
$ 59,599
Other revenue
389
225
769
430
Family of Apps
38,718
31,723
74,734
60,029
Reality Labs
353
276
793
616
Total revenue
$ 39,071
$ 31,999
$ 75,527
$ 60,645
Income (loss) from operations:
Family of Apps
$ 19,335
$ 13,131
$ 36,999
$ 24,351
Reality Labs
(4,488)
(3,739)
(8,334)
(7,732)
Total income from operations
$ 14,847
$ 9,392
$ 28,665
$ 16,619
Reconciliation of GAAP to Non-GAAP Results
(In millions, except percentages)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2024
2023
2024
2023
GAAP revenue
$ 39,071
$ 31,999
$ 75,527
$ 60,645
Foreign exchange effect on 2024 revenue using 2023 rates
371
265
Revenue excluding foreign exchange effect
$ 39,442
$ 75,792
GAAP revenue year-over-year change %
22 %
25 %
Revenue excluding foreign exchange effect year-over-year change %
23 %
25 %
GAAP advertising revenue
$ 38,329
$ 31,498
$ 73,965
$ 59,599
Foreign exchange effect on 2024 advertising revenue using 2023 rates
367
261
Advertising revenue excluding foreign exchange effect
$ 38,696
$ 74,226
GAAP advertising revenue year-over-year change %
22 %
24 %
Advertising revenue excluding foreign exchange effect year-over-year
change %
23 %
25 %
Net cash provided by operating activities
$ 19,370
$ 17,309
$ 38,616
$ 31,307
Purchases of property and equipment, net
(8,173)
(6,134)
(14,573)
(12,957)
Principal payments on finance leases
(299)
(220)
(614)
(484)
Free cash flow
$ 10,898
$ 10,955
$ 23,429
$ 17,866
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Technology
WorldSkills Lyon 2024: Talented Winners, Long-lasting Legacy
Published
14 mins agoon
September 19, 2024By
LYON, France, Sept. 19, 2024 /PRNewswire/ — After an intense week of competition, the 47th WorldSkills Competition has officially wrapped up, marking the end of a thrilling journey for 1,400 young professionals from around the globe. For four days, participants representing nearly 70 countries and regions competed fiercely in 59 diverse skill areas, transforming Lyon’s Eurexpo into a vibrant hub of craftsmanship and international talent.
From day one, the atmosphere was charged with energy as competitors showcased their expertise in sectors ranging from Manufacturing and Engineering to Fashion, Digital Technology, and Healthcare. The level of dedication and precision demonstrated throughout the week was a testament to the profound commitment these young professionals have to their trades, as well as their determination to showcase their nation’s worth on the global stage.
Last night, the closing ceremony of WorldSkills Lyon 2024, held at Groupama Stadium, brought the event to an emotional close with the announcement of medalists in each skill category. Four medals were awarded in each skill: Gold Medal, Silver Medal, Bronze Medal, and the Medallion for Excellence. This ceremony underscored the core belief of the WorldSkills movement: excellence is found in diversity – diversity of profiles, backgrounds, expertise, and techniques.
The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!
What’s next?
The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.
Media Contacts:
Alice Nahon
PR Officer
alice.nahon@publicis.com
Anne-Laure TRONC
Press Relation Manager
media@worldskillslyon2024.com
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Technology
LG NOVA EXPANDS EFFORTS TO DRIVE INNOVATION GROWTH THROUGH NEW PARTNER ALLIANCE PROGRAM
Published
14 mins agoon
September 19, 2024By
New Program Connects LG, Strategic Partners and Startups to Ignite Collaboration and Development of Innovative Ideas for a Better Future
SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.
Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.
Joining the Partner Alliance Program at launch are Fujitsu Research of America, Hyundai CRADLE, IBM, Mayo Clinic Innovation Exchange, Niantic and the West Virginia Department of Economic Development. These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test, and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months.
“The new Partner Alliance Program aligns with our core mission to collaborate and create an ecosystem for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.
Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”
In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers.
The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s Mission for the Future initiative – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.
LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.
LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit https://innofest.lgnova.com/.
About LG NOVA
LG NOVA, the North America Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to fuel innovation for LG and its partners by establishing a community to create, nurture and grow businesses. Learn more about LG NOVA at www.lgnova.com.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $60-billion-plus global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.
Media Contact:
LG Electronics USA
Linda Quach
+1 408 903 3045
linda.quach@lge.com
Partners & Quotes
Fujitsu Research of America
“We are excited to join LG NOVA in the Partner Alliance Program to explore new collaboration opportunities with them. LG NOVA approach to innovation and the Partner Alliance Program is a meaningful way for organizations from across different market sectors to come together and innovate,” said Takuto Komatsuki, Senior Director at Fujitsu Research of America.
About Fujitsu Research of America
Fujitsu Research of America is focused on developing cutting-edge technologies to solve digital transformation (DX) challenges faced by its customers. Its vision is to build a sustainable world through innovation and trusted partnerships. At Fujitsu Research of America (FRA), we have a myriad of very talented people working in a variety of areas – AI with transparency and ethics, social digital twin, web 3.0 technologies, quantum algorithms, and much more.
About Hyundai CRADLE
Hyundai CRADLE for Human-centered Mobility Innovation
Hyundai CRADLE is Hyundai Motor’s corporate venturing and open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies. CRADLE identifies newly established startups that focus, amongst others, on ‘Disruptive Innovations.’
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.
Visit www.ibm.com for more information.
Mayo Clinic Innovation Exchange
“We look forward to collaborating with the LG NOVA team to share our expertise in healthcare innovation and to explore new opportunities with startups seeking to improve patient care and health outcomes.” said Jennie Kung, Vice Chair of the Mayo Clinic Innovation Exchange.
About The Mayo Clinic Innovation Exchange
The Mayo Clinic Innovation Exchange is a dynamic platform designed to accelerate healthcare innovation and foster collaboration among the global healthcare community. Leveraging Mayo Clinic’s world-class expertise and resources, the Innovation Exchange bridges the gap between emerging technologies and clinical practice, research, and education to bring breakthrough innovations to market, all for one shared mission—to benefit patients.
Niantic
“We see a great opportunity for entirely new spatial experiences leveraging AI and our 3D map
technology, tools and services to come to the forefront in the near future. We’re glad to see the
LG NOVA Partner Alliance program launch, as it has the potential to lead us to greater
collaboration across the growing ecosystem,” said Maryam Sabour, Director of Business
Development and Strategic Partnerships Lead at Niantic.
About Niantic
Niantic’s global-scale augmented reality platform and digital map power spatial computing experiences in the real world. Incubated out of the Maps team at Google, Niantic first created Ingress and then Pokémon GO, a collaboration with The Pokémon Company, which has become a cultural phenomenon and hit game played by tens of millions of people each month. Niantic’s maps platform, which powers Pokémon GO, also supports the company’s other games and applications including Pikmin Bloom, Peridot, Monster Hunter Now and Niantic Scaniverse. Niantic’s mapping, AR and mixed reality platforms, tools and services are used by thousands of developers around the world.
West Virginia Department of Economic Development
“West Virginia’s Department of Economic Development is eager to collaborate with LG NOVA through the new Partner Alliance program,” said West Virginia Department of Economic Development Executive Director, Mike Graney. “We look forward to strengthening our relationship with LG and engaging with the businesses throughout West Virginia.”
About the West Virginia Department of Economic Development
There is no better place to build and grow a business in the Eastern United States than West Virginia. The West Virginia Department of Economic Development’s mission is to improve the quality of life for all West Virginians by strengthening our communities and expanding the state’s economy to create more and better jobs.
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SOURCE LG Electronics USA
Technology
Behr Paint Company Hosts First Student Design Competition
Published
14 mins agoon
September 19, 2024By
Design students encouraged to enter for a chance to win $3,000, plus $1,000 for their design school
SANTA ANA, Calif., Sept. 19, 2024 /PRNewswire/ — Today, Behr Paint Company announces its first-ever BEHR® Student Design Competition in partnership with MattoBoard, a 3D virtual sampling platform for designers. The competition is open starting today, September 19, through November 10, 2024, for full-time or part-time emerging professional design students.*
Behr Paint invites design students to submit an original design plan for any commercial space such as hospitality, workplace, healthcare, multifamily and more. The design theme, “No Clear Boundaries,” draws inspiration from the BEHR 2025 Commercial Color Forecast, which celebrates the fluidity between designed environments that reflect the intersection of the past and future, digital and physical, and timeless and modern. Entrants must incorporate colors from the BEHR 2025 Commercial Color Forecast in their design along with BEHR’s 2025 Color of the Year, Rumors, a deep and timeless shade of ruby red.
The competition was created to champion emerging designers by providing specialized resources and opportunities to showcase and celebrate their talents. “As a judge of the BEHR Student Design Competition, I am excited to see how each student embraces color and design,” said Erika Woelfel, Vice President of Color & Creative Services at Behr Paint Company. “At Behr, we are committed to supporting the careers of the next generation of designers, and I look forward to seeing the students’ creativity shine through.”
The judging panel will also include Guy Adam Ailion, Architect and CEO / Co-Founder of MattoBoard; Kayla Kratz, Director of Color & Designer Segment at Behr Paint Company; and Amber Jones, Director of Architect & Designer Strategic Initiatives at Behr Paint Company.
The winner of the 2024 BEHR Student Design Competition will be awarded a $3,000 cash prize and $1,000 for their design school. The runner-up will receive a $1,500 cash prize, and the second runner-up will receive a $500 cash prize. All winners will also receive a 1-year MattoBoard Pro Subscription to continue using the platform for their design needs. Winners will be announced in December 2024 and will be featured on BEHR’s and MattoBoard’s social channels, blog, and email.
To learn more about the 2024 BEHR Student Design Competition and how to enter, visit www.behr.com/designcompetition.
*NO PURCHASE NECESSARY. PURCHASE WILL NOT IMPROVE OPPORTUNITY TO WIN.
INTERNET AND MATTOBOARD ACCOUNT REQUIRED. Trade contest offered in the 50 U.S. & U.S. Territories (“U.S.”) to full/part-time emerging Design students at U.S. eligible Institution (see Rules) who are legal U.S. res., 18+. Ends 11:59 P.M. PT 11/10/24. See Official Rules at: www.behr.com/designcompetition for entry, judging criteria and limitations. Void where prohibited. Sponsor: Behr Process LLC.
About Behr Paint Company
Founded in 1947, Behr Paint Company is one of the largest manufacturers of paints, primers, decorative finishes, stains, surface preparation and application products for do-it-yourselfers and professionals in the United States, Canada, and Mexico. The Santa Ana, Calif.-based company, and maker of BEHR®, KILZ® and WHIZZ® brands, are dedicated to meeting the project needs of DIYers, designers and professional paint contractors with an unwavering commitment to quality, innovation, and value. For more information, visit Behr.com. Professional paint contractors and designers can visit Behr.com/Pro to learn about products, color tools and services. Behr Paint Company is a subsidiary of Masco Corporation (NYSE: MAS).
Behr and the Behr logo are registered trademarks of Behr Process LLC.
About MattoBoard
MattoBoard is the first virtual sample library (VSamples©) and 3D moodboarding tool for interior designers. Designers can search, discover, curate and specify interior materials and products in real-time using light and shadow to examine texture and detail. Designers can download and share beautiful, photo-realistic boards and material spec sheets. MattoBoard’s mission is to bring a ‘touch and feel’ industry into the future by pioneering virtual sampling for designers and brands.
Media Contact: behrpro@mbooth.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/behr-paint-company-hosts-first-student-design-competition-302252741.html
SOURCE Behr Paint Company
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