Here’s how the Metaverse shenanigans pushed Meta higher on Monday
Actions of Meta-platforms (NASDAQ: FB) climbed higher on Monday, adding up to 2.3% early in the session, although the stock ended the session up just 1.5%.
The buzz surrounding the company’s foray into the metaverse has been palpable in recent weeks, and while still largely conceptual, the social media giant went all out on this digital world to come. Now investors are starting to get clues about its potential.
The company formerly known as Facebook has invested heavily in virtual reality (VR), one of the fundamental technologies of the metaverse. Investors have been largely kept in the dark about Meta’s Oculus VR headset sales figures, but the cat may have been out of the bag.
Image source: Getty Images.
During his company’s investor day, Qualcomm (NASDAQ: QCOM) CEO Cristiano Amon has blurted out that Meta has shipped 10 million Quest 2 headsets since the platform launched last October. Amon would certainly be able to find out, as the device is powered by Qualcomm’s Snapdragon XR2 chips.
Meta Platform CEO Mark Zuckerberg previously described 10 million units as a milestone for Quest 2, saying that beyond that threshold, “the VR ecosystem will just explode.”
Additionally, when Andrew Bosworth, Meta’s VP of Augmented and Virtual Reality, Andrew Bosworth, was asked in August when the platform would surpass 10 million users, he simply replied, âI’m very confident that it will happen sooner than expected. ”
There are other signs that the Metaverse is starting to move from the drawing board to reality. Renowned companies, including Mexican Grill Chipotle and Verizon are joining early adopters like Vans to create their own digital worlds “in an effort to improve brand recognition and further engage existing customers,” according to a report in Monday. The Wall Street Journal.
The fact that traditional businesses do more than recognize that the metaverse is coming, but investing resources to assert their rights is just the latest indication that a radical change is looming in the way we interact with the internet, and Meta Platforms has positioned itself to be one of the early winners.
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Randi Zuckerberg, former director of market development and Facebook spokesperson and sister of Meta Platforms CEO Mark Zuckerberg, is a member of the board of directors of The Motley Fool. Danny Vena owns shares of Chipotle Mexican Grill and Meta Platforms, Inc. The Motley Fool owns and recommends shares of Chipotle Mexican Grill, Meta Platforms, Inc. and Qualcomm. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.
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