Meta Platforms, Inc’s (NASDAQ:META) $999 Quest Pro is no longer available for sale, as it redirects customers to the Meta Quest 3, available for $499.99.
The decision was made over two months after the company dumped the premium virtual reality headset because it failed to gain traction, Verge cites UploadVR.
Meta shared plans to keep selling the headset until 2024 or until it ran out of stock, whichever came first, triggering speculation of lackluster demand.
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Meta’s augmented and VR division, Reality Labs, reported a third-quarter earnings loss of $4.4 billion, marking the third consecutive quarterly loss for the segment in 2024. Previous quarters in 2024 had losses of $3.8 billion and $4.5 billion.
Meta is also fast-tracking the development of its prototype AR glasses, Orion.
Meta’s smart glasses have become a fixture in 60% of Ray-Ban stores in Europe, the Middle East, and Africa, outperforming conventional Ray-Ban models.
Wall Street firms, including JMP Securities and Rosenblatt, expect Meta’s AI and VR initiatives to help it reach valuations like Apple’s.
Meta stock surged 76% in the last 12 months. Investors can gain exposure to the stock through iShares Core S&P Total U.S. Stock Market ETF (NYSE:ITOT) and SPDR Series Trust SPDR Portfolio S&P 500 Growth ETF (NYSE:SPYG).
Price Action: META stock closed higher by 4.23% at $630.20 on Monday.
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