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Meta Reports First Quarter 2024 Results

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Re: Meta Reports First Quarter 2024 Results

#21

Post by ApolloFortyNine »

jsheard wrote: post #4

Oof, another $4 billion in the hole for Reality Labs. I really want VR to succeed but seeing the biggest player by far still struggling to find any path to profitability (or even breaking even) after iterating on it for a decade makes it hard to be optimistic.

The fact that they spend more than everyone else does in the space combined just blows my mind. Their Horizon worlds is literally just a worst VR chat which was developed for And that $4 billion is just per quarter. I honestly would love to see a full breakdown. Nintendo's entire revenue is 12 billion, which is less than Meta VR spends alone, and that includes everything Nintendo does, including developing games. How has Meta spent so much and has so little to show for it?

Re: Meta Reports First Quarter 2024 Results

#22

Post by whywhywhydude »

eclectic29 wrote: post #9

Why are Meta quarterly results so special that they always enjoy the front page of HN?

Because it’s one of the biggest tech companies and its results foreshadow earnings for other tech companies. Just look at the after hours price movements of most of the tech stocks.

Re: Meta Reports First Quarter 2024 Results

#23

Post by jncfhnb »

jsheard wrote: post #19
tinyhouse wrote: post #10

Earlier quoted context omitted.

Well, there's still no killer app. The productivity use case is a gimmick. Apple vision pro is also not selling well. The big promise is entertainment but it's not there yet.

It would be an anti-climax for the history books if it turns out we invented a device right out of sci-fi, but it's actually kind of meh.

We really didn’t though. We’re nowhere close to the dream of VR.

Re: Meta Reports First Quarter 2024 Results

#24

Post by willmadden »

jsheard wrote: post #4

Oof, another $4 billion in the hole for Reality Labs. I really want VR to succeed but seeing the biggest player by far still struggling to find any path to profitability (or even breaking even) after iterating on it for a decade makes it hard to be optimistic.

"The hardware isn't ready yet."

Re: Meta Reports First Quarter 2024 Results

#25

Post by cmrdporcupine »

neverokay wrote: post #11
eclectic29 wrote: post #9

Why are Meta quarterly results so special that they always enjoy the front page of HN?

It’s a trillion dollar company dude. Many people laughed at their 1B ipo valuation. Basically, never ignore these things.

Man, I bought some stock a bit after IPO, it dropped a bunch, and I idiotically sold later at a slight loss in 2013 after people all around me constantly went on about how they would never make money. It's now worth 17 times what I sold at.

I also remember around Google's IPO people questioning how they'd ever make money.

Re: Meta Reports First Quarter 2024 Results

#26

Post by neverokay »

cmrdporcupine wrote: post #25
neverokay wrote: post #11

Earlier quoted context omitted.

It’s a trillion dollar company dude. Many people laughed at their 1B ipo valuation. Basically, never ignore these things.

Man, I bought some stock a bit after IPO, it dropped a bunch, and I idiotically sold later at a slight loss in 2013 after people all around me constantly went on about how they would never make money. It's now worth 17 times what I sold at. I also remember around Google's IPO people questioning how they'd ever make money.

Sucks right? Life gets lifey.

Re: Meta Reports First Quarter 2024 Results

#27

Post by jsheard »

ApolloFortyNine wrote: post #21
jsheard wrote: post #4

Oof, another $4 billion in the hole for Reality Labs. I really want VR to succeed but seeing the biggest player by far still struggling to find any path to profitability (or even breaking even) after iterating on it for a decade makes it hard to be optimistic.

The fact that they spend more than everyone else does in the space combined just blows my mind. Their Horizon worlds is literally just a worst VR chat which was developed for And that $4 billion is just per quarter. I honestly would love to see a full breakdown. Nintendo's entire revenue is 12 billion, which is less than Meta VR spends alone, and that includes everything Nintendo does, including developing games. How…

I'm guessing a big chunk of those losses are from selling the hardware at a loss, which is a fine strategy if you're Sony or Microsoft and can easily make that money back from game licensing and subscriptions, but the Quest has (a) a reputation for people buying one and then barely using it, and (b) a subset of active users who only use it to play SteamVR games without ever giving Meta a cent after the initial purchase.

I don't know exactly how much they're losing on each Quest they sell, but the fact that it's significantly cheaper than any "dumb" headset that requires a PC or PS5 to do all of the heavy lifting, despite having what's effectively an entire smartphone built-in says it all really.

Re: Meta Reports First Quarter 2024 Results

#28

Post by pie420 »

ApolloFortyNine wrote: post #21
jsheard wrote: post #4

Oof, another $4 billion in the hole for Reality Labs. I really want VR to succeed but seeing the biggest player by far still struggling to find any path to profitability (or even breaking even) after iterating on it for a decade makes it hard to be optimistic.

The fact that they spend more than everyone else does in the space combined just blows my mind. Their Horizon worlds is literally just a worst VR chat which was developed for And that $4 billion is just per quarter. I honestly would love to see a full breakdown. Nintendo's entire revenue is 12 billion, which is less than Meta VR spends alone, and that includes everything Nintendo does, including developing games. How…

it's very obviously "creative" accounting. Facebook is throwing lots of other expenses into the VR bucket to make other departments look better.

Re: Meta Reports First Quarter 2024 Results

#30

Post by autokad »

renegade-otter wrote: post #15
harles wrote: post #7

Earlier quoted context omitted.

I’m not sure it’s a good business strategy, but I am glad to see ad money fueling more interesting tech than more profitable ads.

The days of interesting tech have been gone for a couple of decades now. Every technology is now being quickly enshitified. It's ALL about selling you crap. The nerd Internet was the best, but it's never coming back. The bandwidth gave us streaming - okay, I'll give you that, but we had that before. It's more of an infrastructure thing than "interesting" tech.

I been hearing this term 'enshitified' a lot lately. I am curious to its source and why it seems so much more prevalent recently. Do you have any insight into that?
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