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Facebook's (FB) Oculus Splits into Two, CEO Iribe Resigns
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Facebook Inc has split Oculus into two separate units. While one division will focus on developing VR for mobile, the other one will focus on VR for PCs. As a part of the reshuffle, Oculus CEO, Brendan Iribe will resign from his post.
Facebook has entrusted Iribe to spearhead the VR for PC unit while ex-Amazon.com Inc (AMZN - Free Report) executive Jon Thomason will lead the Mobile VR division. Facebook hasn’t yet zeroed in on a new Oculus chief.
In a blog post Iribe said “Looking ahead and thinking about where I'm most passionate, I've decided to lead the PC VR group-pushing the state of VR forward with Rift, research and computer vision. As we've grown, I really missed the deep, day-to-day involvement in building a brand new product on the leading edge of technology."
Oculus was founded by Palmer Luckey and Brendan Iribe in 2012. It was acquired by Facebook for $2 billion in 2014. With Oculus, Facebook is trying to fuel its ambitious AR/VR efforts. Oculus has long been dubbed as a multibillion dollar opportunity along with Facebook’s other subsidiaries like Messenger Instagram and WhatsApp.
There has seen a lot of activity in the VR space of late. There were a few VR headset launches this year including Oculus’ Rift, Samsung PS VR and HTC’s Vive.
Rift has been one of the most highly anticipated products in recent times as it promises to bring a fully immersive VR experience right into your living room. However, the reviews reflected a stark difference in opinion between the tech community and the general public.
Facebook also faltered with initial shipments of Rift after its launch in the U.S this March. “Unexpected shortage of components” caused a delay in shipping of pre-orders of the much anticipated VR headset, much to the dismay of customers.
However that hasn’t deterred Facebook. In October, at Oculus’ developer conference, Facebook seemed enthusiastic to bring VR technology to the mainstream. The most surprising announcement made at the conference held at San Jose Convention Center, CA, was Santa Cruz, a cheaper standalone VR headset with inside-out tracking. Facebook said that the product was still in a prototype stage. Moreover, Facebook announced another $250 million investment to develop VR content ecosystem.
Last week, after much delay, Facebook finally launched Oculus Touch Motion controller for $119. Reviews have been somewhat positive.
“VR went from science fiction to the most exciting new consumer technology around” says Iribe in his blog post and we couldn’t agree more. Though in its infancy, AR/ VR technology along with AI are considered the next step in technological innovation. Consequently, all the tech giants right from Facebook to Microsoft (MSFT - Free Report) and Alphabet are pumping huge resources to develop the new technology.
A couple of days back, Qualcomm (QCOM - Free Report) executive, Tim Leland, while speaking at a conference, said “We believe at Qualcomm that VR is happening. It’s going to grow in 2017 and evolve quite a bit after that. VR and AR will eventually merge, with AR subsuming VR as new technologies are developed.” He further added that “We think the future of AR is mobile because that’s what consumers want. Consumers don’t want to be tethered to anything.”
Year to date, Facebook has vastly outperformed the broader market. Shares of Facebook have grown over 12.5% compared with the Zacks Internet Service Industry’s gain of 3.1%.
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Facebook's (FB) Oculus Splits into Two, CEO Iribe Resigns
Facebook Inc has split Oculus into two separate units. While one division will focus on developing VR for mobile, the other one will focus on VR for PCs. As a part of the reshuffle, Oculus CEO, Brendan Iribe will resign from his post.
Facebook has entrusted Iribe to spearhead the VR for PC unit while ex-Amazon.com Inc (AMZN - Free Report) executive Jon Thomason will lead the Mobile VR division. Facebook hasn’t yet zeroed in on a new Oculus chief.
In a blog post Iribe said “Looking ahead and thinking about where I'm most passionate, I've decided to lead the PC VR group-pushing the state of VR forward with Rift, research and computer vision. As we've grown, I really missed the deep, day-to-day involvement in building a brand new product on the leading edge of technology."
Oculus was founded by Palmer Luckey and Brendan Iribe in 2012. It was acquired by Facebook for $2 billion in 2014. With Oculus, Facebook is trying to fuel its ambitious AR/VR efforts. Oculus has long been dubbed as a multibillion dollar opportunity along with Facebook’s other subsidiaries like Messenger Instagram and WhatsApp.
There has seen a lot of activity in the VR space of late. There were a few VR headset launches this year including Oculus’ Rift, Samsung PS VR and HTC’s Vive.
Rift has been one of the most highly anticipated products in recent times as it promises to bring a fully immersive VR experience right into your living room. However, the reviews reflected a stark difference in opinion between the tech community and the general public.
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Facebook also faltered with initial shipments of Rift after its launch in the U.S this March. “Unexpected shortage of components” caused a delay in shipping of pre-orders of the much anticipated VR headset, much to the dismay of customers.
However that hasn’t deterred Facebook. In October, at Oculus’ developer conference, Facebook seemed enthusiastic to bring VR technology to the mainstream. The most surprising announcement made at the conference held at San Jose Convention Center, CA, was Santa Cruz, a cheaper standalone VR headset with inside-out tracking. Facebook said that the product was still in a prototype stage. Moreover, Facebook announced another $250 million investment to develop VR content ecosystem.
Last week, after much delay, Facebook finally launched Oculus Touch Motion controller for $119. Reviews have been somewhat positive.
“VR went from science fiction to the most exciting new consumer technology around” says Iribe in his blog post and we couldn’t agree more. Though in its infancy, AR/ VR technology along with AI are considered the next step in technological innovation. Consequently, all the tech giants right from Facebook to Microsoft (MSFT - Free Report) and Alphabet are pumping huge resources to develop the new technology.
A couple of days back, Qualcomm (QCOM - Free Report) executive, Tim Leland, while speaking at a conference, said “We believe at Qualcomm that VR is happening. It’s going to grow in 2017 and evolve quite a bit after that. VR and AR will eventually merge, with AR subsuming VR as new technologies are developed.” He further added that “We think the future of AR is mobile because that’s what consumers want. Consumers don’t want to be tethered to anything.”
At present Facebook carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Year to date, Facebook has vastly outperformed the broader market. Shares of Facebook have grown over 12.5% compared with the Zacks Internet Service Industry’s gain of 3.1%.
Zacks' Best Investment Ideas for Long-Term Profit
Today you can gain access to long-term trades with double and triple-digit profit potential rarely available to the public. Starting now, you can look inside our stocks under $10, home run and value stock portfolios, plus more. Want a peek at this private information?Click here >>