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Meta Gains as KeyBanc Sees Holidays Boosting Oculus Headset Sales -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Shares of Facebook-owner Meta Platforms (NASDAQ:) traded 0.8% higher in Tuesday’s premarket following on yesterday’s gains on reports of there being a strong demand for its Oculus virtual reality headsets in the current holiday season.

Justin Patterson from KeyBanc, a KeyBanc analyst said Sunday that Oculus would be very popular as a gift for the holidays because of how it ranks in Apple’s (NASDAQ:).

According to Bloomberg, Patterson wrote that Oculus was “a top 5 entertainment app in five countries and a top 10 overall app in the U.S.” on Christmas Eve, and that the ranking “was even greater on Christmas Day,” as it was the number 1 overall app in the U.S. Christmas also put it among the top 5 entertainment apps in 14 countries.

According to StreetInsider, by December 26, the app’s ranking slightly worsened, but was still among the top 5 entertainment apps in 11 countries and number 2 overall in the U.S.

Although Facebook shares have increased 6.7%, they are still below 10% from their September 1 peak at $384.33. Closed at $346.18, the stock rose 3.3% Monday.   

 

 

 

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