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High Occupancy Rates for Cyprus Restaurants in October; Winter Decline Anticipated

Restaurants, cafes, and bars in Cyprus experienced a strong October, with occupancy levels reaching 80 to 90 per cent, according to Neophytos Thrasyvoulou, president of the Federation of Leisure Centre Owners (Osika). He described October as a “very successful month” for the food service industry.

However, with winter approaching, Thrasyvoulou acknowledged potential challenges, especially with the impact of regional instability. “Visitor numbers have seen a slight drop in recent days,” he noted, though he hopes that occupancy levels will remain steady until mid-November. By early November, Thrasyvoulou expects visitor occupancy to hover around 50 to 60 per cent, after which the responsibility will lie with businesses to keep operating, with support from the Labour Ministry’s programme to extend the tourism season.

Reflecting on the earlier summer months of June and July, Thrasyvoulou highlighted that visitor numbers were initially lower than expected, largely due to Middle East tensions. The trend eventually improved, leading to a stronger second half of the season.

Despite rising costs, Thrasyvoulou urged business owners to maintain affordable pricing, aiming to keep dining accessible for both locals and tourists amid economic pressures.

Meta Shifts Away From Metaverse Ambitions As AI Investments Accelerate

Meta Platforms reported a $4.03 billion operating loss in its Reality Labs division for the first quarter, on revenue of $402 million. The result compares with Wall Street expectations of a $4.82 billion loss on $488.8 million in revenue, indicating a narrower loss but lower sales.

Reality Labs Losses And Strategic Reassessment

Reality Labs, which develops virtual and augmented reality technologies and wearable devices, has recorded cumulative operating losses exceeding $80 billion since 2020. These results highlight the ongoing challenge of generating revenue from immersive technologies, a focus area since Mark Zuckerberg rebranded the company in 2021.

Renewed Focus On AI Innovation

At the same time, investment priorities are shifting toward artificial intelligence. Growth in generative AI since the release of ChatGPT in 2022 has increased competition across the sector. Meta is expanding work on AI models and infrastructure as it competes with companies such as OpenAI, Anthropic, and Google.

Workforce Restructuring And Product Reallocation

Alongside these changes, the company has adjusted its workforce and product focus. In January, around 1,000 employees were laid off from Reality Labs, with resources redirected toward AI-related products.  Products such as the Ray-Ban Meta smart glasses, developed with EssilorLuxottica, have influenced this shift. Additional job reductions in March affected several hundred roles, followed by a broader plan to reduce the workforce by around 10%, or approximately 8,000 employees, and halt hiring for 6,000 positions.

Conclusion

The quarter reflects continued losses in Reality Labs alongside increased investment in artificial intelligence and changes in workforce allocation. Results combine ongoing spending on immersive technologies with a shift toward AI development and related products.

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