Metaplatforms, Inc. GOALwhich changed its name and ticker to reflect its turn into the metaverse, isn’t seeing much traction on that front, according to the tech analyst. Ming Chi Kuo.

the TFI International Securities The analyst said that Meta’s metaverse headset/hardware business has slowed. He cut his shipping forecast for the category by 25-35% to 7m-8m by 2022.

The order cut, according to the analyst, is mainly in the second half. Given Meta’s reduced investment in hardware and the risk of an economic downturn, he cut his forecast for Meta’s second-half VR/headset shipments by 40-50%. Shipment of Meta headphones originally scheduled for 2024 or later will likely be postponed, he added.

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Kuo also updated his predictions on the high end. Meta Quest 2 Pro Virtual reality headset. The analyst reiterated his expectations for the adoption of mini-LED and 2P Pancake displays for marked visual improvements.

It also expects VR and AR support and the adoption of some 16 cameras, including 10 for the headset and six for the two controllers.

Headphones are likely to use Qualcomm, Inc. QCOM XR2 processor and offer eye tracking, facial expression recognition and 3D sensing support, Kuo said.

The analyst expects the headphones to go into mass production in the third quarter, with shipments likely to reach two million units in the second half of the year.

Meta is likely to be priced at $799 or more, he added. This is much cheaper compared to the $3,000 that Apple’s AR headset is expected to cost.

Price action: Meta closed the Tuesday session down 4.09% at $157.05, according to data from Benzinga Pro.