They're flailing like Microsoft, in my opinion. "Can't figure out how to maintain your profitability? Buy something." It's my opinion that Facebook is entirely too controlling to innovate, otherwise they'd be a much bigger player than they are. It's also my opinion that they were driven by egotism for the longest time - "why buy something when we can build it better for cheaper?" It's like eBay shoving BidPay down everyone's throats despite 90% of their site commerce happening on PayPal because they didn't want to pay Peter Thiel. That's how you pay a billion dollars for Instagram - you suck at Instagramming and are forced to pay fines. I remain unconvinced about Google Glass. However, the stock market considers it innovative. I suspect Facebook thought they'd look like they were addressing the gap by purchasing Oculus; instead they lost 7%. Still. A tenth what they paid for WhatsApp.