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[Amiga]

Meta shares tumbled 24% on Thursday to its lowest level in nearly four years following an earnings report that one Wall Street analyst described as a "train wreck." It's a far cry from the company's position nearly a year ago, when CEO Mark Zuckerberg on October 28, 2021, announced with great fanfare that Facebook was changing its name to Meta Platforms to emphasize its focus on the "metaverse."


https://www.cbsnews.com/news/meta-stock-down-earnings-700-billion-in-lost-value/

 

[ManaByte]

Get fucked, Zuck.

 

[DeepEnigma]

Great economy we’ve got going.

 

[EviLore]

Zuck has been going all-in on a metaverse that doesn't look like it will actually exist for a decade or more. Despite acquiring Oculus and key talent like Carmack, I doubt this anticipated revolution will start under Meta's roof. There's little incentive to play by their rules and give them a huge cut from day 1 for something that is not a fully realized project. We already have a decentralized, distributed foundation for infinite metaverses via the existing internet.

 

[feynoob]

I think this MetaVR is double edge sword.

Right now, its bleeding money. But if its hits a success, I can see it recovering that money fast.

 

[PSlayer]

Out of the FAANG companies Facebook/meta is the one i'm beting won't exist next decade

 

[BadBurger]

I find it amazing that it was ever worth over $700bn to begin with. Wow.

 

[It's all in the wrist]

Buy stock now?

 

[ThatStupidLion]

Metas gonna survive but zucks gotta to be on the street penniless for it to happen

 

[Kilau]

I thought at first this was Phil’s fault for dissing meta.

 

[Maiden Voyage]

Good. I wish they would fold.

 

[BennyBlanco]

Buy stock now?

do you believe in facebooks future?

i sure as hell don't

 

[Nobody_Important]

 

[Buggy Loop]

Have you seen Amazon after the closing? Holy shit, from 111.50 to 87.54

It’s a massacre for tech stocks (Apple holding strong..)

 

[Artoris]

What is happening?

 

[BadBurger]

Have you seen Amazon after the closing? Holy shit, from 111.50 to 87.54

It’s a massacre for tech stocks (Apple holding strong..)

I am so glad I changed my retirement account assets to all basically long term savings back around April. I have coworkers who have lost, literally, over $100k USD. Meanwhile I took my $18k or so loss that one month and was like nope! I'll go ahead and bow out of this senseless lottery we call a retirement in this country and instead put 12% into savings / money market account each paycheck instead until things stabilize. I have saved a shit ton of extra liquid cash thanks to that decision, while my 403b remains largely undamaged.

 

[AJUMP23]

I should have bought puts.

 

[StreetsofBeige]

Meta had a dreadful earnings:

- Missed earnings by a lot
- Growth slowing
- Their Reality Lab division (VR/meta stuff) piled on another $3.6 billion losses (estimates were $3 billion flat)

BUT, as crazy as it seems I checked their annual earnings the past few years...... it's still about $30 billion profits per year! I didn't know they were this profitable.

 

[poppabk]

I think this MetaVR is double edge sword.

Right now, its bleeding money. But if its hits a success, I can see it recovering that money fast.

VR/AR of some sort is the future, and some big companies will be formed or be made bigger, but I think this whole metaverse thing is just trying to force it.
They've got a succesful VR gaming headset but that's not gonna replace the slowly declining Facebook ad revenue and its not gonna guarantee a seat at the table when this stuff does become the next thing.

 

[StreetsofBeige]

Have you seen Amazon after the closing? Holy shit, from 111.50 to 87.54

It’s a massacre for tech stocks (Apple holding strong..)

I didn't read the reports in depth but the key thing I read is that next quarter (Xmas rush), Amazon is expecting the quarter to be breakeven. Crazy. Their costs must be zooming up so fast they cant even make a dollar profit. And there's no way I believe Amazon is messing around with financials expensing lots of stuff like depreciation expense and whatnot that will tank the profits.

Their labour costs, delivery costs and supplier costs must be all skyrocketing fast all at the same time they arent increasing prices to balance it out.

 

[StreetsofBeige]

VR/AR of some sort is the future, and some big companies will be formed or be made bigger, but I think this whole metaverse thing is just trying to force it.
They've got a succesful VR gaming headset but that's not gonna replace the slowly declining Facebook ad revenue and its not gonna guarantee a seat at the table when this stuff does become the next thing.

Skimming Google, it says Meta's key businesses are: FB, Instagram, Whats App, the VR Labs stuff, Beluga, Onovo. And a google search says Onovo is shut down. I dont know if theres shit I'm missing as I just took what I saw.

I have no idea how profitable Instagram, WhatsApp and Beluga are. But it's amazing FB is still super profitable. I thought by now the articles you read about FB being social media for older people, young people doing TikTok and such that FB would tank. I dont think it is, but the profits sure are amazing still.

It looks like Zuck has bet the farm for Meta growth not on traditional social media stuff like site XYZ, but gunning for VR/metaverse.

Personally, I still dont think this will work. The VR experience can be awesome (like riding a roller coaster), but I still dont see any kind of VR/AR life changing shit coming from it. Not only do VR goggles cost good money to buy, but I dont think the typical person wants to live life with a brick strapped to their face for hours when they can get through their daily grind normally just by doing stuff on their phone, PC or walking around like a human being. No doubt humans are often defaulted to being lazy first, but I just dont see the typical human being that lazy they'll do it. There's only so many people I see willing to pay $500-1000 for goggles and doing this so much it's the next big tech thing on planet Earth.

Then again, maybe Im wrong and 10 or 20 years from now, everyone will carry around a set of wireless super slim 2 ounce goggles and do it every half an hour.

 

[Kabelly]

doesn't help metverse is some of the ugliest graphics of all time for them to want us to spend our daily lives in there.

 

[dem]

Out of the FAANG companies Facebook/meta is the one i'm beting won't exist next decade

They have 3 billion monthly users and a stellar balance sheet.

They aren’t going anywhere

 

[poppabk]

Then again, maybe Im wrong and 10 or 20 years from now, everyone will carry around a set of wireless super slim 2 ounce goggles and do it every half an hour.

I think this is where it will end up, but not every half hour, but that it will replace the $1000 phone we all carry with us. Instead you'll have an AR minority report type interface available to you whenever you need it.

 

[Reallink]

Zuck has been going all-in on a metaverse that doesn't look like it will actually exist for a decade or more. Despite acquiring Oculus and key talent like Carmack, I doubt this anticipated revolution will start under Meta's roof. There's little incentive to play by their rules and give them a huge cut from day 1 for something that is not a fully realized project. We already have a decentralized, distributed foundation for infinite metaverses via the existing internet.

I'm sure they have scary detailed analytics run by AI's telling them the hour, minute, and day their platforms will go the way of Yahoo, AOL, MySpace, Etc.... Regulation bodies won't let them buy out any more emerging companies, so going all in on what they see as "the next big thing" is really their only play. The issue is not the bet, it's that their unfathomably large VR Labs expenditure (10 BILLION EVERY YEAR) hasn't bore any fruit whatsoever. Their competitors spending 10's or maybe 100's of millions a year are somehow matching or surpassing most of their hardware and software. They haven't developed any new display technologies, no SOC's, no optics, or even their own OS. None of that money has gone towards developing $100+ million AAA VR games or experiences (of which they could be releasing a DOZEN of EVERY SINGLE MONTH with 10 Billion dollars). They've literally flushed like 30-40+ Billion dollars down the toilet with absolutely nothing to show for it aside from presumably employing an army of those millennial morons who post "A Day In the Life Of A FAANG Employee" Tiktoks that do nothing but eat avocado toast and wine in meditation rooms all day.

 

[newtypepilot]

 

[Kenpachii]

Meta will become a hit, the moment u can follow education through them officially by company's. I would not mind following virtual lessons by actual people in the metaverse.

I could see a lot of company's moving into it and a lot of people as they no longer have to travel etc. It can also increase the quality of lessons because its all virtual.

The problem however as people pointed out already, the visuals are absolute terrible and frankly without company's signing up for it and pushing it, i doubt much people care.

 

[bitbydeath]

The Metaverse is basically PlayStation Home, isn’t it?

 

[StreetsofBeige]

Meta will become a hit, the moment u can follow education through them officially by company's. I would not mind following virtual lessons by actual people in the metaverse.

I could see a lot of company's moving into it and a lot of people as they no longer have to travel etc. It can also increase the quality of lessons because its all virtual.

The problem however as people pointed out already, the visuals are absolute terrible and frankly without company's signing up for it and pushing it, i doubt much people care.

But you can already do online lessons with people. It's called a conference call with audio and video with real people.

 

[Ozzy Onya A2Z]

Zuck has been going all-in on a metaverse that doesn't look like it will actually exist for a decade or more. Despite acquiring Oculus and key talent like Carmack, I doubt this anticipated revolution will start under Meta's roof. There's little incentive to play by their rules and give them a huge cut from day 1 for something that is not a fully realized project. We already have a decentralized, distributed foundation for infinite metaverses via the existing internet.

I'm cry-sad-laughing-dying at Carmack working on metaverse. Hopefully the optimisation of, well, everything under Carmack is amazing. Given what I have seen so far from metaverse it has an air of Carmack working with Miis for now. Hopefully his talent and the financial backing of Meta equates to something special, we're just yet to see that "killer" app with it.

 

[Nitty_Grimes]

Jeremy.clarkson.gif

 

[StreetsofBeige]

I'm cry-sad-laughing-dying at Carmack working on metaverse. Hopefully the optimisation of, well, everything under Carmack is amazing. Given what I have seen so far from metaverse it has an air of Carmack working with Miis for now. Hopefully his talent and the financial backing of Meta equates to something special, we're just yet to see that "killer" app with it.

Even if every application looked life like, and users can make their avatar look fit and pimped out all the time even though in reality the person is lying on his couch as a fat slob wearing stained sweat pants, I have a hard time believing it will catch on except for hermits goofing around online like it's a deluxe version of Second Life.

Right now, people are happy to shop online and work from home as fast as possible to get that shit out of the way so they can live life away from the daily grind. I dont see too many people suddenly saying ya lets reverse that, buy a headset, sit on a chair or couch and pretend to hang out in virtual hallways with coworkers or do first person browsing in a mall. Hey everyone, instead of doing a group text, lets all put on our goggles at 8 pm and sit in a circle chatting at each other's digital Mii.

There is no way I see any boss at work saying, "Hey all you WFH people. Were going to ship you all VR goggles and all the directors want to see all of you walking from your metaverse desk to the metaverse meeting room."

 

[Kenpachii]

But you can already do online lessons with people. It's called a conference call with audio and video with real people.

I currently experience how bad it really is in the current times. I need 5 licenses and i can tell you this its a mess. I have to go in a old classical style or its offline material, the offline material is such a mess i simple have to go into classes as everybody advice it. Online digital versions of it? don't exist at all or are super badly done. I have to travel a ton + spend lots of free time that i waste and i have to get stuff that i don't want to pay for but i need it for the lessons so its just a huge waste of time and money. It's just shit all around.

If i could just join some universal platform where we had those educations and u could get the licenses on top of it through it all in one, it would honestly make my life so much more easier and cheaper. specially if those lesson are on going the entire day and u can just join in. U can also reach far more people this way from even other country's.

I could also be it far more better for kids and education, specially when u can be virtually somewhere and actually see it instead of just endless text in a book. Nothing more better then having some kid roam around in a virtual world to learn a language and talk to people instead of repeating it with books or walk through history for example.

Honestly i can see lots of company's wanting to jump into it, because of costs reductions and not having to have expensive machinery anymore for training lessons as everything can be virtual and up to date.

However that's probably a long way off, but any attempt at this i encourage.

 

[MidGenRefresh]

No wonder, if this is their vision of “office of the future”:

 

[Valedix]

You love to see it.

 

[Ozzy Onya A2Z]

Even if every application looked life like, and users can make their avatar look fit and pimped out all the time even though in reality the person is lying on his couch as a fat slob wearing stained sweat pants, I have a hard time believing it will catch on except for hermits goofing around online like it's a deluxe version of Second Life.

Right now, people are happy to shop online and work from home as fast as possible to get that shit out of the way so they can live life away from the daily grind. I dont see too many people suddenly saying ya lets reverse that, buy a headset, sit on a chair or couch and pretend to hang out in virtual hallways with coworkers or do first person browsing in a mall. Hey everyone, instead of doing a group text, lets all put on our goggles at 8 pm and sit in a circle chatting at each other's digital Mii.

There is no way I see any boss at work saying, "Hey all you WFH people. Were going to ship you all VR goggles and all the directors want to see all of you walking from your metaverse desk to the metaverse meeting room."

I just want to be the first to gyrate behind Zucks' virtual ass mid chat.

I agree for the most part. I can see things like larger shared spaces for those living remote, confined, disabled, anxious, abroad etc. I can also see the dark side of giant wank fests for corporate "managers" and bullshit meetings being called. I can see it now "I called this meeting just to familiarise everyone with the metaverse, we'll be having daily scrum meetings at 9.15AM for 15mins here from now on. 5 minutes of social time allotted.". Fucking Agnus not able to login to the metaverse again and everyone waiting 5mins to start.

There is a larger entertainment section calling for this sort of "roleplay" I guess you call it e.g. appearing as someone else etc, Roblox communities wanting more immersion/interaction etc. The corporate side I think is the wrong push for now, the entertainment side gets people familiar and accept with fun/friends then the work thing is easier to market etc. Overall I don't see a bunch of tradies/contractors standing around on site with VR helmets on and hand gesture tracking dongles fighting each other while they neck a tinny at the end of a workday and a chat.

 

[StreetsofBeige]

I just want to be the first to gyrate behind Zucks' virtual ass mid chat.

I agree for the most part. I can see things like larger shared spaces for those living remote, confined, disabled, anxious, abroad etc. I can also see the dark side of giant wank fests for corporate "managers" and bullshit meetings being called. I can see it now "I called this meeting just to familiarise everyone with the metaverse, we'll be having daily scrum meetings at 9.15AM for 15mins here from now on. 5 minutes of social time allotted.". Fucking Agnus not able to login to the metaverse again and everyone waiting 5mins to start.

There is a larger entertainment section calling for this sort of "roleplay" I guess you call it e.g. appearing as someone else etc, Roblox communities wanting more immersion/interaction etc. The corporate side I think is the wrong push for now, the entertainment side gets people familiar and accept with fun/friends then the work thing is easier to market etc. Overall I don't see a bunch of tradies/contractors standing around on site with VR helmets on and hand gesture tracking dongles fighting each other while they neck a tinny at the end of a workday and a chat.

I think the whole metaverse VR push is because all the VR related companies have found out that VR gaming is small. And it'll never be the giant overtaking behemoth pushing aside smartphone gaming and tried and true consoles and PC using "archaic" gamepads and m/kb. I think the whole meta thing came about from tech first, then trying to find a purpose for it. As opposed to researchers finding out people at home and work need VR like apps to get through life so a bunch of engineers took that info and decided to follow the desperate need for metaverse solutions everyone is begging for.

I think every gamer has dreamed about playing a game where youre there instead of sitting in front of a TV screen on the sofa, but in reality when it costs $500+ and you got to put goggles on your head with wires at your feet and your standing there waving your hands like it's Wii, most gamers realize it's stupid and just stick to traditional gaming.

Personally speaking from my interests, the only value I really see from this is something that already exists but isn't pushed hard. I had to google it one time to see if it's there and it is. You can download apps or pay some money to attend NBA games or whatever and click different cameras to look around like your at the live game. I can see myself even doing that. But the VR set would have to be dirt cheap, it's not a brick on my face, the quality feed is solid and the most I'd pay is maybe $10 to watch an important live Leafs game instead of hoping for free company seats or paying $200 to sit in the level 300 section. Then again, I'd probably just sit back and watch it on TV like everyone else.

 

[Cyberpunkd]

I think this MetaVR is double edge sword.

Right now, its bleeding money. But if its hits a success, I can see it recovering that money fast.

Same like Uber wanted to have everyone driving driverless taxis, amirite?

Metaverse doesn't have a viable business model - it's a product nobody asked for (not a huge problem actually) but worse - nobody wants. People are more and more reducing their media consumption, you can be sure with the emphasis on healthy living and mental well-being this will only accelerate. I can definitely see social networks in 10 years having to carry some sort of warnings like tobacco and alcohol companies do.

 

[Reallink]

Even if every application looked life like, and users can make their avatar look fit and pimped out all the time even though in reality the person is lying on his couch as a fat slob wearing stained sweat pants, I have a hard time believing it will catch on except for hermits goofing around online like it's a deluxe version of Second Life.

Right now, people are happy to shop online and work from home as fast as possible to get that shit out of the way so they can live life away from the daily grind. I dont see too many people suddenly saying ya lets reverse that, buy a headset, sit on a chair or couch and pretend to hang out in virtual hallways with coworkers or do first person browsing in a mall. Hey everyone, instead of doing a group text, lets all put on our goggles at 8 pm and sit in a circle chatting at each other's digital Mii.

There is no way I see any boss at work saying, "Hey all you WFH people. Were going to ship you all VR goggles and all the directors want to see all of you walking from your metaverse desk to the metaverse meeting room."

On that note, AR shopping and advertising is no doubt the biggest potential money maker a company like Meta would be envisioning. It's easy to imagine the value of seeing a 1:1 scale AR model of furniture in your room, an oven in your kitchen, a bedspread on your bed, a picture on your wall, this length and pattern of curtains on your window, this size TV on your stand, that tower speaker over in the corner, or clothes on a photogrametry model of yourself.

 

[Cyberpunkd]

It's easy to imagine the value of seeing 1:1 AR model of furniture you want to buy in your room, an oven in your kitchen, a bedspread on your bed, a picture on your wall, this length and pattern of curtains on your window, this size TV on your stand, that speaker over in the corner, or clothes on a photogrametry model of yourself.

You can already do that, multiple AR devkits are available. It's up to companies to have this functionality, nothing to do with Meta.

 

[Cyberpunkd]

Also I cannot imagine nobody being hanged out to investors for this. Sandberg is still there?

 

[Reallink]

You can already do that, multiple AR devkits are available. It's up to companies to have this functionality, nothing to do with Meta.

That's exactly the point and what Meta's trying (though failing spectacularly) to do. Someone has to normalize and popularize the dev kits and proof of concepts into a mainstream consumer product. No one's going to buy a Magic Leap, or make this kind of content for the 25 people who own one. Ironically, given Facebook always refers to VR/AR as "the next iPhone", it will probably be Apple who cracks the code. Perhaps Facebook can pick up the scraps and be the Android of AR/VR though.

 

[Cyberpunkd]

That's exactly the point and what Meta's trying (though failing spectacularly) to do. Someone has to normalize and popularize the dev kits and proof of concepts into a mainstream consumer product. No one's going to buy a Magic Leap, or make this kind of content for the 25 people who own one.

Apple has a standarised AR devkit to launch on any iOS App or Safari. You can use that one devkit to show the functionality to every iOS user.

 

[Reallink]

Apple has a standarised AR devkit to launch on any iOS App or Safari. You can use that one devkit to show the functionality to every iOS user.

Yes, but the concept has effectively zero value or use on 2D displays. We're still several years away from even beginning to realize the potential of something like this, we're talking multiple generations deep of Quest Pro style devices.

 

[TransTrender]

LOL get fucked 'Zuck

 

[Cyberpunkd]

Yes, but the concept has effectively zero value or use on 2D displays. We're still several years away from even beginning to realize the potential of something like this, we're talking multiple generations deep of Quest Pro style devices.

You can visualize products in your room using phone camera - LG offers that for their TVs. I'm missing something?

 

[kruis]

Buy stock now?

Facebook is most likely going to join the ranks of Yahoo, Myspace and Geocities. The MetaVerse was Zucker's idea of how to prevent the inevitable. But Fate doesn't like to be interfered with.

 

[FunkMiller]

Good.

This is what you deserve for the hubris of claiming you get to design and control the future of the internet.

 

[winjer]

That is a lot of lost value.
Makes me wonder how Zuck hasn't been voted out of the leadership of Meta.

 

[SJRB]

Fuck all of them. I still can't comprehend the amount of resources they've poured into the Metaverse. What a waste.