It’s not yet clear if it’ll be the next iteration of human-computer interaction the way Zuckerberg sees it, or just another playground for techies and gamers. The latest closing stock price for Meta Platforms as of Octois 126.76. He expects people to start seeing Meta as a “metaverse company” in the coming years, rather than a social media company.įor now, though, the metaverse exists only as an amorphous idea dubbed by a science fiction writer. Historical daily share price chart and data for Meta Platforms since 2022 adjusted for splits. Zuckerberg is betting that the metaverse will be the next generation of the internet because he thinks it’s going to be a big part of the digital economy. Theoretically, the metaverse would be a place where people can meet, work and play using virtual reality headsets, augmented reality glasses, smartphone apps or other devices. Zuckerberg has described it as a “virtual environment” you can enter instead of just viewing it on a screen. The metaverse is sort of the internet brought to life, or at least rendered in 3D. Meta Platforms Inc., formerly Facebook, took on its new name last fall to signal CEO Mark Zuckerberg’s ambition to become what he called a “metaverse company.” Since then, the company has been shifting resources and hiring engineers - including from competitors like Apple and Google - who can help realize his vision. Meta invested heavily in its Reality Labs segment - which includes its virtual reality headsets and augmented reality technology - during the quarter, accounting for much of the profit decline. Atlantic Equities analyst James Cordwell. ET on Tuesday after one analyst issued a bearish note on the stock. Revenue rose to 20% to $33.67 billion.Īnalysts, on average, were expecting earnings of $3.85 per share on revenue of $33.36 billion, according to a poll by FactSet. Shares of Meta Platform s ( META -2.71) were down 3 as of 12:07 p.m. That’s down 8% from $11.22 billion, or $3.88 per share, in the same period a year earlier. The Menlo Park, Calif.-based company said it earned $10.29 billion, or $3.67 per share, in the final three months of 2021. That’s a bit more than the entire gross domestic product of Greece, based on data from the World Bank. If the drop holds until the market opens Thursday, the company’s market capitalization - its overall value - is on track to drop by nearly $200 billion. Meta’s shares fell 22.6% to $249.90 in after-hours trading. All Rights Reserved.That’s in addition to a lower-than-expect revenue outlook for the current quarter due in part to growing competition from rival platforms clamoring for people’s time, such as TikTok. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. It has lost ground to its surging rival TikTok, and its revenue has been curtailed by Apples iOS privacy changes. Driving the news: Meta’s market value is down by more than 60 since the spring. Factset: FactSet Research Systems Inc.2019. As Meta shapes its antitrust defense, it has begun pointing out its plummeting stock price as a sign that competition is alive and well in its market. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Retail investors snapped up 231 million of Meta stock during the social media companys historic rout.
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