Facebook's New Horizon Workrooms App Latest Attempt In Hoping To Own 'Next Generation Of Internet Experiences,' Says Ark

Facebook Inc.’s FB recent launch of the Horizon Workrooms app appears to be part of the social media giant’s efforts to “own the next generation of internet experiences,” according to Cathie Wood-led Ark Invest.

What Happened: Ark analyst Nick Grous noted that while Horizon Workrooms is not yet a game-changing application, it provides a glimpse of Facebook’s hope for the future.

See also: How To Buy Facebook (FB) Stock

According to Grous, Facebook is “going all-in” on virtual reality and augmented reality after missing the vertical integration associated with desktop and mobile computing.

Why It Matters: Facebook launched its wireless VR headset – the Oculus Quest 2 in September last year.

Last week, Facebook announced the launch of the Horizon Workrooms app for users of the Oculus Quest 2 headsets. The company sees the launch of the virtual-reality remote work app as an early step toward building the “metaverse” company touted by CEO Mark Zuckerberg.

Facebook has intensified its focus on the AR/VR segment over the past few years amid stiff competition from companies such as Apple Inc. AAPL and Snapchat parent company Snap Inc. SNAP.

It was reported in March that nearly one-fifth of Facebook’s global workforce is working as part of its group developing AR and VR devices.

Price Action: Facebook shares closed 1.1% higher in Monday’s trading at $363.35.

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