Artemis Investment Limited - Meta Platforms Inc. (META) reduces the prices of VR headsets

Following the announcement of significant price reductions for its VR headsets, shares of Meta Platforms (META) surged by 6%.
ADMIRALTY, Hong Kong - April 17, 2023 - PRLog -- META has announced that it will reduce the price of its Quest 2 headset by $70 to $429.99, and the price of the higher-end Quest Pro will be cut to $999.99 from $1,499.99. The new price for the Quest 2 will be effective from Sunday, March 5, while the price reductions for the Quest Pro will take effect on March 5 in the U.S. and Canada, and on March 15 in other supported countries.

According to the company, its objective has been to design reasonably priced hardware to enable as many individuals as possible to benefit from the potential of VR. It further stated that VR is a compelling technology for social engagement and creativity, and that expanding access to it would be beneficial.

Jitesh Ubrani, an analyst at the market research firm IDC, highlighted that META's VR shipments dropped by 93% year-over-year in the fourth quarter, while rival company ByteDance's Pico saw a surge of 110%. He suggested that this could be one of the main causes of META's decision to reduce its VR headset prices.

Metaverse Unit Losses

In addition, META has been under pressure to enhance the financial performance of its Reality Labs division, which comprises the VR headsets and the company's metaverse unit. In October, activist investor Brad Gerstner, the CEO and founder of Altimeter Capital, a technology-focused hedge fund, sent an open letter to CEO Mark Zuckerberg, urging a reduction in metaverse expenditures. In February, META announced that Reality Labs had incurred a loss of $13.72 billion in 2022.

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Cherry Hwuang
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