Zuckerberg addressed this in Wednesday’s earnings call, saying: “Sometimes when we ship a product, there is a meme where people say, ‘Hey, you are spending all this money, and you have produced this thing,’ and it’s – I think that, that’s not really the right way to think about it.” The Meta CEO added consumers are presently seeing the company’s “leading work” on what will become a mature product in five to ten years’ time. Meta is warning of serious times and preparing for a leaner second half of 2022, according to an internal memo circulated to employees this week. The image immediately became a subject of memes and internet jokes as people online made fun of the poor visual quality of the metaverse by comparing it to video games from the early 2000s. As Meta Platforms ( META) rockets higher. By Louis Navellier and the InvestorPlace Research Staff May 31, 2023, 6:15 am EDT. In August, Zuckerberg shared a photo of his digital avatar with 3D renders of the Eiffel Tower and Barcelona’s La Sagrada Familia church in the background to celebrate the launch of ‘Horizon Worlds’-the company’s flagship metaverse product-in France and Spain. The AI megatrend could still serve as a big catalyst for META stock. Meta’s messaging app WhatsApp is used by 2 billion people every day. At present, the company reportedly has less than 200,000 active users on Horizon with an internal document calling it an “empty world is a sad world.” In comparison, Meta’s flagship social platform Facebook has 2.96 billion monthly active users, while Instagram user base has also grown to 2 billion, the company disclosed in its earnings call. The report noted that the company had set a target of 500,000 monthly active users for the virtual reality platform by the end of 2022, but this was revised down to 280,000.
Earlier this month, the Wall Street Journal reported that Horizon Worlds was struggling to retain its user base despite being pushed heavily by the company. The company’s expensive metaverse push-in which it is trying to build an immersive virtual reality world which will allow people to interact with each other-has drawn some skepticism in recent months as its advertising revenues face economic headwinds. Facebook, however, has fared worse than nearly all major tech stocks as it deals with slowing user growth, competition from rivals like TikTok and the impact of Apple’s new privacy measures for iPhone users on its targeted advertising business. Meta has seen its shares slump by more than 60% since the start of this year as part of a broader tech stock rout amid concerns about an economic downturn.
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