![]() ![]() ![]() According to the game’s creators, it hosts hundreds of thousands of weekly players weekly in over 40 countries. One of the most popular is Walkabout Mini Golf, a disarmingly simple but effective iteration of Putt-Putt. Meta’s Oculus headsets-the Quest 2 is priced at $400-have been selling steadily, and they boast plenty of games that do quite well. “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” Zuckerberg said in a statement at the time. As word about the technology spread around Silicon Valley about its 2014 prototype, Mark Zuckerberg sensed an opportunity and bought the company for a cool $2 billion. Games were the entire purpose of the VR company Oculus, after all, when it was co-founded in 2012 by the 19-year-old Palmer Luckey. ![]() Meta itself is well aware of the importance of games to this nascent ecosystem. Many of the most popular apps in the Quest store lean into color, fantasy and childlike whimsy: Beat Saber, Smash Drums, Ancient Dungeon. It’s a fitting opening foray into the metaverse: just as saloons of the Wild West proudly boasted debauchery-filled, freewheeling gambling games, so too does this new virtual frontier. But there’s a full sword fight unfolding on my right, and barely anyone seems to be paying attention to the game itself. I carefully count out chips from a pile under my left hand and throw them in the middle for a raise. There are top hats, giant sunglasses, liquor poured into delicate China teacups, insults and ammo blasted every which way. ![]() And the next year will likely bring about both increased competition-as Apple reportedly preps its own VR headset-and regulation, with the Federal Trade Commission continuing to push against Meta’s aggressive acquisition strategy. When Mark Zuckerberg posts something new about Meta’s metaverse, public sentiment is overwhelmingly negative. Many of Meta’s virtual spaces are all but ghost towns, with reports alleging that even Meta’s own employees are reluctant to spend time inside them. Since the beginning of the year, Meta’s stock has declined 70%, compared with the S&P 500’s 20% drop over the same period. Those losses, in part due to lower sales of the Quest 2 virtual-reality headset, added to Meta’s overall disappointing financial performance and sparked a stock selloff that saw its shares tumble. On Wednesday, the company reported a quarterly loss of $3.67 billion in its Reality Labs, the unit responsible for delivering on Mark Zuckerberg’s metaverse plans. So the company has changed its name, invested $10 billion this year alone in VR and AR, and forged uneasy alliances with tech competitors and global governmental agencies, all in an effort to become the company that ushers in a new virtual era. Perhaps not coincidentally, Facebook is losing ground fast to TikTok, and Meta’s longtime central business model-ad revenue on Facebook’s News Feed-is faltering. Especially given how Meta is already anticipating losses to continue to grow in 2023, though it does have some things lined up for 2023 that may shake things up, including the reveal of its next Quest HMD consumer model.įor more on this and other Meta-related news, be sure to read through our previous coverage of the aforementioned reveal of Meta’s next Quest HMD consumer model in 2023, Facebook Reality Labs losing $3.67 billion during Q3 2022 with more losses anticipated in 2023.They’re also hoping this uncharted journey into the metaverse can revive the company, which shed the Facebook name and rebranded itself a year ago as Meta. Overall, it’ll be interesting to see how Meta handles the difficulties it’s faced in 2022 as we enter 2023. Beyond 2023, we expect to pace Reality Labs investments such that we can achieve our goal of growing overall company operating income in the long run. We do anticipate that Reality Labs operating losses in 2023 will grow significantly year-over-year. Reality Labs expenses are included in our total expense guidance. Meta noted in its Q3 2022 earnings report that it anticipates these losses to “grow significantly” in 2023. © Google FinanceĪdditionally, Meta has been struggling when it comes to its metaverse, with Facebook’s Reality Labs losing a staggering $3.67 billion in Q3 2022 alone, and $9.4 billion so far in 2022. Not only that, but Meta has now earned itself the title of worst S&P 500 performer for 2022, trailing the likes of Align Technology, Generac Holdings, SVB Financial Group, and Match Group.Īs noted by CNBC, Meta has been struggling with a number of challenges that have spooked investors including its “second straight quarterly sales drop” and “weak fourth-quarter guidance” that fell below analyst expectations. It’s something of an understatement to say that Facebook parent company Meta has been having a rough go of it in 2022, with outlets like CNBC reporting that shares of Meta have fallen approximately 73 percent over the past year. ![]()
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