Why Meta Platforms Stock Is Climbing Today
Meta Platforms (NASDAQ: META) stock is climbing higher Thursday despite a bearish backdrop for the broader market. The company's share price was up 1.1% as of 3 p.m. ET. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) was down 0.4%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 0.6%.Meta's valuation is moving higher today following recent comments from company officials reaffirming support for virtual-reality (VR) initiatives. The company is playing a leading role in advancing VR, but it's been a costly initiative for the tech giant.At this year's Game Developers Conference (GDC), Meta's director of games Chris Pruett indicated that his company remained heavily committed to the VR space. Pruett said that Meta had helped fund over 100 virtual-reality and mixed-reality games that shipped last year, and it was funding 200 additional games that were actively being developed. He also said that monthly use of the company's VR headsets had increased 30% annually last year. On the other hand, recent analysis from Counterpoint Research suggests that total global VR headset shipments from all sellers fell 12% last year. Continue reading
Meta Platforms (NASDAQ: META) stock is climbing higher Thursday despite a bearish backdrop for the broader market. The company's share price was up 1.1% as of 3 p.m. ET. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) was down 0.4%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down 0.6%.
Meta's valuation is moving higher today following recent comments from company officials reaffirming support for virtual-reality (VR) initiatives. The company is playing a leading role in advancing VR, but it's been a costly initiative for the tech giant.
At this year's Game Developers Conference (GDC), Meta's director of games Chris Pruett indicated that his company remained heavily committed to the VR space. Pruett said that Meta had helped fund over 100 virtual-reality and mixed-reality games that shipped last year, and it was funding 200 additional games that were actively being developed. He also said that monthly use of the company's VR headsets had increased 30% annually last year. On the other hand, recent analysis from Counterpoint Research suggests that total global VR headset shipments from all sellers fell 12% last year.
