Why Meta Platforms Stock Was Up Today
Shares of Meta Platforms (NASDAQ: META) are rising today, up by 4.9% as of 11:41 a.m. ET. The gains came despite a report from The Wall Street Journal that claimed Meta is falling short of internal company projections for user growth in its metaverse platform, Horizon Worlds.
Investors shrugged off the negative news, with the stock trading at a low valuation ahead of third-quarter earnings results. Meta's share price does look a bit oversold after falling 60% year to date.
As Meta transitions to short-form video formats and grapples with Apple's privacy changes to iOS and the resulting impact on advertising, CEO Mark Zuckerberg has the company investing significant resources to build the metaverse. Meta reportedly was aiming to reach 500,000 monthly active users in Horizon Worlds by the end of the year, but it's now hoping to reach 280,000 after falling short thus far.
Source Fool.com
