Wednesday, May 4th 2022

Three Things (5/4)

Commentary

“The world forgets easily, too easily, what it does not like to remember.” ― Jacob Riis

The below content and projections are the opinion of the authors. Any conclusions or takeaways are their own. This should not be considered as investment advice. Investing involves the risk of loss and returns are not guaranteed.

1) Meta plans rollout of four VR headsets by 2024 as hardware push accompanies metaverse ambitions

  • The first of Meta’s planned devices — a high-end VR and mixed-reality headset — is set to launch later this year.
  • The company is set to launch an updated version of its Quest headset in each of 2023 and 2024.
  • According to a product roadmap viewed by The Information, the company expects to launch a high-cost and lower-cost headset in alternating years over the long term.

Titan’s Takeaway: Product roadmaps are always subject to review and delays, but this aggressive timeline tracks with the focus on the metaverse and related products we heard from Meta management last week. Hardware, of course, is quite a different business from the ads model that built Meta into one of the biggest companies in the world, but this clarity will likely be welcomed by investors after a few challenging quarters.

2) Job openings and job quits hit records as labor market remains robust amid economic re-opening

  • The number of open jobs in the U.S. totaled 11.55 million in March, the most on record according to data from the BLS released Tuesday.
  • More than 4.5 million workers quit their job in March, a record high.
  • As of March, there were 1.9 open jobs for every unemployed worker, a sign of continued demand for labor.

Titan’s Takeaway: First quarter data may have shown a slowdown in economic growth, but the labor market still appears to be undersupplied, a positive sign for the income and spending prospects of consumers in the months ahead. We’ll keep close tabs on this Friday’s jobs report, which is expected to show nearly 400,000 new jobs were created in April, for more clarity around these trends.

3) Uber partners with Tesco to accelerate U.K. high-speed delivery plans amid push into new categories

  • Uber Eats couriers will begin making deliveries placed through Tesco’s rapid grocery service, Whoosh.
  • The partnership will begin in 20 stores across the U.K.
  • Uber is set to report quarterly results before the market open today.

Titan’s Takeaway: High-speed grocery delivery has been the latest innovation in the delivery space, and we’re encouraged to see Uber leverage its partner network to make inroads in this nascent business line. This type of partnership falls under Uber’s “New Verticals” business, which had its best-ever month at the end of Q4.

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