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Comment by asdev | Hacker News Reader

I hope the stock gets destroyed next earnings when people realize they've been spending all this money on AI all to not ship a single meaningful feature nor derive any revenue leveraging it. They did the exact same thing with the whole "Metaverse" thing

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The metaverse craze was hilarious. I heard of a large retailer that paid ~$0.5 million to hold their annual all-hands in a metaverse "venue". The whole thing collapsed under the weight of a few hundred attendees and they had to revert to a zoom call.

Meanwhile zoom runs perfectly fine on vision pro.

imo, Meta should ditch metaverse and focus on gaming/media/productivity for the headset and leave the social aspects to their rayban-kind devices.

Yet, there stock is up over 70-80% last year and I have no idea what they really have to show for it.

Their revenue and net income are up 20% and 70% yoy. Apparently we can still sell more ads than what I thought is possible.

It's not necessarily more ads but rather more effective ads. Meta is among the best ad platforms for targeting. Customers pay a premium for this.

Sadly, the cancer is still growing.

They also accept every single scam scheme and I am sure these scammers have deep and money pockets after all these successful Facebook campaigns

I honestly wonder if Meta is just cooking the books now. Who are these advertisers ramping up ad spend on that site? And why?

Every time I visit Instagram a slightly different 'Elon Musk invested in ...' or 'Shark Tank approved investment ...' bullshit is within the first 3 posts.

This has been line this for at least a few years.

I heavily assume Facebook is getting richer from enabling scam

Why stop at meta? What has any AI company done that creates substantial new profits?

I hope not; I'd rather see them keep working on LLaMA (so long as the models remain public).

META is a cash machine.

an ad machine*

None of that matters frankly. They make an exorbitant amount of money from ads and that is only growing.

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