With Meta Platforms, Inc. META shares down 60% so far this year amid floundering fundamentals and macro uncertainties, investors are looking ahead to an upcoming company event to see if it could prop up the stock a bit.
What Happened: Meta will host a one-day virtual annual event called “Meta Connect” on Tuesday, starting at 1 p.m. EDT. It will be live-streamed and be available for viewing on the “Reality Labs Facebook” page. All those who possess a Meta Quest 2 headset can register to attend in a virtual reality environment in "Meta Horizon Worlds."
The company promoted this event as one which would shed light on the future of VR, metaverse and "Meta Horizon Worlds."
The event will kick off with CEO Mark Zuckerberg’s keynote address, in which he is expected to share updates on the VR developer ecosystem, progress on building the metaverse and "Project Cambria," the company’s new high-end VR headset with mixed reality, or MR.
The headset was announced at the 2021 Connect event and Zuckerberg later confirmed it would make its appearance in October.
The event will also have 30 developer sessions focusing on several topics including “metaverse beyond gaming,” “avatars and commerce" and “building augmented reality experiences in studio."
Munster's Take: Meta Connect 2022 is a big deal for Meta, especially as the company paused its Flagship F8 developer conference earlier this year, Loup Funds’ Gene Munster said.
Addressing skepticism over Meta's foray, Munster said if there is a new platform beyond mobile, it is likely going to be the metaverse.
"The start of mobile web browsing was comical in 2005, and that’s where the metaverse is now," the venture capitalist said. “The start of the metaverse is likely a decade away and it will be worth the wait."
Munster said credit must be given to Meta, Apple, Inc. AAPL and Alphabet, Inc. GOOGL GOOG for making R&D and M&A investments well ahead of when the adoption curve takes shape.
Price Action: Meta closed Monday's session up 0.25% at $133.79, according to Benzinga Pro data.
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