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Reels, Meta Platforms' answer to viral short-form video app TikTok, elicited eyerolls when it launched in 2020 and was regarded as yet another example of Meta copying a popular rival. But on Wednesday, Meta revealed numbers that show Reels videos are growing rapidly among both users and advertisers and are quickly catching up to the ByteDance-owned TikTok app that is beloved by young users and has reshaped the social media landscape. Meta says the rags-to-riches growth of Reels, which are viewable on both Facebook and Instagram, speaks in part to the company's improving recommendation software, long the Chinese-owned rival's strong point. "We can show Reels that we think you're interested in based on our discovery engines," Justin Osofsky, Meta's head of online sales, operations and partnerships, said in an interview on Thursday. The number of Reels video plays on Facebook and Instagram now top 200 billion per day, up from 140 billion last fall. T...

Microsoft on Tuesday reported a 9% increase in profit for the January-March quarter, as growth in cloud computing sales helped bolster its plans to expand its use of artificial intelligence REDMOND, Wash. -- Microsoft on Tuesday reported a 9% increase in profit for the January-March quarter, as growth in cloud computing sales helped bolster its plans to expand its use of artificial intelligence. The company reported quarterly profit of $18.3 billion, or $2.45 per share, beating Wall Street expectations for earnings of $2.24 a share. The software maker posted revenue of $52.9 billion in the period, its third fiscal quarter, up 7% from the same period a year ago. Analysts polled by FactSet expected Microsoft to post revenue of $51.02 billion for the quarter. The quarter marked an ambitious push by Microsoft to capitalize on its investments in artificial intelligence and close partnership with San Francisco-based startup OpenAI with the February release of a new AI chatbot feature on it...