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In this photo illustration, the Facebook logo is seen on a smartphone screen with the EU flag in the background.
Chukrut Budrul | SOPA Images | LightRocket via Getty Images

LONDON — Facebook plans to create 10,000 jobs in the European Union over the next five years in a push to build a digital world known as the “metaverse.”

The social media giant said on Sunday it would hire high-skilled engineers in countries across the bloc. The company is focusing its recruitment drive on Germany, France, Italy, Spain, Poland, the Netherlands and Ireland.

“Europe is hugely important to Facebook,” Nick Clegg, Facebook’s head of global affairs, and Javier Olivan, vice president of central products, said in a blog post Sunday night.

“From the thousands of employees in the EU, to the millions of businesses using our apps and tools every day, Europe is a big part of our success, as Facebook is in the success of European companies and the wider economy.”

Facebook CEO Mark Zuckerberg outlined his vision for a metaverse in July. The metaverse is a term used to describe digital worlds in which multiple people can interact within a 3D environment.

Facebook recently unveiled what it called its first step into the metaverse — a work collaboration app where people hold meetings in virtual reality.

A number of other companies, including Microsoft, Roblox and Epic Games are investing heavily in their own versions of the metaverse.

“As we begin the journey of bringing the metaverse to life, the need for highly specialized engineers is one of Facebook’s most pressing priorities,” Clegg and Olivan said.

“We look forward to working with governments across the EU to find the right people and the right markets to take this forward, as part of an upcoming recruitment drive across the region.”

Still, the news arrives at a turbulent time for Facebook.

The company was the subject of a series of investigative reports by the Wall Street Journal which unveiled internal company research about the negative impact of its Instagram app on teenagers and exemptions for high-profile individuals from its rules.

Earlier this month, Frances Haugen, a whistleblower who leaked the internal documents, testified at a U.S. congressional hearing. Haugen accused company leadership of putting “astronomical profits before people,” a claim Zuckerberg subsequently dismissed as “just not true.”

Haugen and another Facebook whistleblower, Sophie Zhang, are both due to testify before the U.K. Parliament this month. EU lawmakers are also calling on Haugen to appear at a parliamentary hearing in November.

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IBM shares drop despite earnings beat

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IBM shares drop despite earnings beat

IBM CEO Arvind Krishna appears at the World Economic Forum in Davos, Switzerland, on Jan. 16, 2024.

Stefan Wermuth | Bloomberg | Getty Images

IBM shares fell as much as 5% in extended trading on Wednesday after the tech conglomerate issued second-quarter results that topped Wall Street projections.

Here’s how the company did in comparison with LSEG consensus:

  • Earnings per share: $2.80 adjusted vs. $2.64 expected
  • Revenue: $16.98 billion vs. $16.59 billion

IBM’s revenue increased nearly 8% year over year in the quarter, according to a statement. Growth in the first quarter was below 1%. Net income, which includes costs related to acquisitions, rose to $2.19 billion, or $2.31 per share, from $1.83 billion, or $1.96 per share, a year ago.

Software revenue climbed about 10% to $7.39 billion, exceeding the $7.43 billion consensus among analysts surveyed by StreetAccount. Hybrid cloud revenue, including Red Hat, showed 16% growth. The software unit’s gross margin of 83.9% was barely narrower than StreetAccount’s 84.0% consensus.

Revenue from consulting rose almost 3% to $5.31 billion, higher than StreetAccount’s $5.16 billion consensus. Infrastructure revenue went up 14% to $4.14 billion, above the $3.75 billion StreetAccount average estimate.

During the quarter, IBM announced the next-generation z17 mainframe computer and the acquisition of data and artificial intelligence consulting firm Hakkoda.

IBM called for over $13.5 billion in 2025 free cash flow, similar to a projection from April. The company still sees at least 5% revenue growth at constant currency for the year.

As of Wednesday’s close, IBM shares were up 28% so far in 2025, while the S&P 500 index has gained around 8% in the same period.

Executives will discuss the results with analysts on a conference call starting at 5 p.m. ET.

This is breaking news. Please check back for updates.

WATCH: Cramer’s Stop Trading: IBM

Cramer's Stop Trading: IBM

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ServiceNow lifts guidance on AI growth

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ServiceNow lifts guidance on AI growth

Bill McDermott, Chairman, President & CEO ServiceNow, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.

Adam Galici | CNBC

ServiceNow posted strong second-quarter results and lifted its guidance Wednesday. Shares climbed 7% following the report.

Here’s how the company performed compared to LSEG estimates:

  • Earnings per share: $4.09 adjusted vs. $3.57 expected
  • Revenue: $3.22 billion vs. 3.12 billion expected

Subscription revenues, which account for the majority of the enterprise technology company’s revenues, hit $3.11 billion and topped a $3.03 billion forecast from StreetAccount.

The company boosted its full-year subscription revenue guidance to between $12.775 billion and $12.795 billion as it benefits from artificial intelligence adoption.

“Every business process in every industry is being refactored for agentic AI,” said ServiceNow chairman and CEO Bill McDermott in a release.

Net income grew 47% to $385 million, or $1.84 per share, from $262 million, or $1.26 per share a year ago. Revenues grew nearly 23% to about $3.22 billion.

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ServiceNow said it anticipates a 2 percentage point hit to current remaining obligations in the third quarter due to seasonality and more customers renewing contracts in the final quarter of the year. The company also said budget changes at U.S. government agencies could impact results.

“While federal business is a bit uncertain today versus a year ago, we’re navigating it well, and we feel confident that our guidance reflects any potential changes that we’re seeing,” finance chief Gina Mastantuono told CNBC.

In its 2024 annual earnings report, ServiceNow said one U.S. federal government customer accounted for 11% of revenues.

During the first quarter, its public sector business grew 30%, McDermott said during the last reporting period.

Subscription revenues are expected to range between $3.26 billion and $3.27 billion, ahead of a $3.21 billion estimate from StreetAccount. Current remaining performance obligations rose nearly 25% to $10.92 billion in the quarter.

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Texas Instruments stock falls 12% as CEO warns of tariff concerns

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Texas Instruments stock falls 12% as CEO warns of tariff concerns

The Texas Instruments headquarters in Dallas, Texas, US, on Sunday, Jan. 21, 2024.

N. Johnson | Bloomberg | Getty Images

Texas Instruments shares plunged 12% after the automotive and industrial semiconductor supplier warned of ongoing tariff aftershocks.

The company said it expects third-quarter earnings between $1.36 and $1.60 per share, a midpoint of $1.48 per share. That fell short of an LSEG estimate of $1.50.

Texas Instruments anticipates revenues between $4.45 billion and $4.48 billion. The midpoint of $4.63 billion was slightly ahead of the $4.59 billion expected by analysts.

In an earnings call with analysts, CEO Haviv Ilan said the company is experiencing a “shallow” recovery in the automotive sector and said customers may have lingering worries over tariffs and geopolitical uncertainty.

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Despite the post-earnings slump, Texas Instruments posted a 16% year-over-year jump in revenue. The company reported earnings of $1.41 per share on $4.45 billion in revenue, surpassing the earnings of $1.35 per share on $4.36 billion in revenue expected by LSEG analysts.

Ilan said that some of the second-quarter strength may have come from a pull forward in demand to acquire inventory ahead of tariffs.

Net income for the company rose 15% to $1.3 billion, or $1.41 per share, from $1.13 billion, or $1.22 per share, a year ago.

WATCH: Texas Instruments shares fall more than 7% despite quarterly beat

Texas Instruments shares fall more than 7% despite quarterly beat

CNBC’s Kif Leswing contributed to this story.

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