The current situation is substandard.
An abbreviation of 'Quo = Fucked' which is short for 'The Status Quo is Fucked'. Similar to SNAFU but rather than a trite observation it is usually used as the answer to a specific question.
Matt: How's your portfolio holding up
Conor: q=f
Acronym for Dad Joke of the Day. A (sometimes backhanded) compliment for a really lame joke. More often than not a pun, grammer or maths joke. The kind of thing that would have made you say "awww daaad" when you were a kid.
Nic: Is there a stash of stationery/usb sticks around?
Brendan: you want usb sticks that aren't moving?
Pete: djotd!