Meta Platforms Sees Stock Increase Amid VR Commitment
Meta Platforms (NASDAQ: META) is experiencing a rise in stock price on Thursday, despite a generally bearish market. As of 3 p.m. ET, shares were up 1.1%. In contrast, the S&P 500 (SNPINDEX: ^GSPC) was down 0.4%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had declined by 0.6%.
Meta’s stock valuation is improving today, buoyed by officials’ reaffirming their commitment to virtual reality (VR) initiatives. While the company is a key player in advancing VR technology, the journey has proven costly for the tech giant.
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Continued Commitment to VR Fuels Meta’s Growth
At the recent Game Developers Conference (GDC), Chris Pruett, Meta’s director of games, emphasized the company’s strong commitment to the VR space. He revealed that Meta had financed over 100 virtual and mixed-reality games released last year, with funding for an additional 200 games currently in development. Furthermore, he noted a 30% increase in monthly usage of Meta’s VR headsets compared to the previous year. Despite this growth in usage, a recent report from Counterpoint Research indicated that global shipments of VR headsets decreased by 12% overall last year.
The Future of VR and Meta’s Potential
In its push for mass market adoption of VR, augmented reality (AR), and the metaverse, Meta has made significant investments. These initiatives have been expensive, prompting the company to refocus some of its growth strategies on artificial intelligence (AI).
Although some investors voice concerns about the financial impact of VR decisions, Meta’s firm commitment could point to future success. Should VR, AR, and the metaverse gain traction, Meta’s early investments could position it as a leading beneficiary in these spaces.
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Randi Zuckerberg, former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a board member of The Motley Fool. Keith Noonan has no positions in the mentioned stocks. The Motley Fool holds positions in and recommends Meta Platforms. The Motley Fool follows a disclosure policy.
The views and opinions expressed herein reflect those of the author and do not necessarily align with those of Nasdaq, Inc.
