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Meta Platforms stock adds 2% as Zuckerberg launches new VR headset 'Quest 3'

Published 01/06/2023, 15:32
Updated 01/06/2023, 15:32
© Reuters.

© Reuters.

Meta Platforms Inc (NASDAQ:META) shares added 2% on Thursday after the company’s CEO Mark Zuckerberg presented the latest virtual reality (VR) headset ‘Quest 3’.

Zuckerberg said the new VR set will start at $499 and will be released later this year.

“The first mainstream headset with high-res color mixed reality. 40% thinner and more comfortable. Better displays and resolution. Next gen Qualcomm (NASDAQ:QCOM) chipset with 2x the graphics performance. Our most powerful headset yet,” he wrote in an Instagram post.

Meta moved quickly to present the highly-anticipated product just days before rival Apple (NASDAQ:AAPL) is expected to launch its VR headset.

Goldman Sachs analysts said last month that Apple's AR/VR headset can succeed where others may have not. They forecast that Apple could generate $11-20 billion in annual sales from AR/VR sales in the 2024-2028 period.

The analysts highlighted “an installed base of billions of device and services users, an established developer ecosystem for iOS/iPadOS/macOS, existing 1P content investments and apps that can be leveraged for AR/VR, a direct in-store and online sales model — which is vital for introducing consumers to a relatively new consumer product category — and ecosystem benefits."

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