QUALCOMM, Inc. (NASDAQ:QCOM) slightly moved down 0.54% in pre trading session on Friday after leading chipmaker and Facebook parent Meta Platforms Inc. (NASDAQ:META) reported that both companies endure to lean further into the metaverse. The most recent action is the signing of a new multi-year deal between the parties, under which Qualcomm’s Snapdragon XR platform will be used going forward by Meta to power its VR and AR products.
CEO of Qualcomm, Cristiano Amon said by partnering with Meta, they are bringing together two of the world’s metaverse leaders to revolutionize the future of computing for billions of people in the coming years. This agreement will enable their firms to produce best-in-class devices and experiences to alter how they work, play, learn, create, and connect in a fully realized metaverse, building on their shared leadership in XR.
The original Quest was powered by the Snapdragon 835, and Meta already employs Qualcomm’s Snapdragon XR2 platform for its Meta Quest 2. As a result, the two businesses are quite familiar with one another. It has become more crucial to develop specialized technologies to power their future VR headsets and devices as they continue to develop more sophisticated capabilities and experiences for virtual and augmented reality.
In July, Meta increased the cost of its Quest 2 headgear by $100, making it $499 for 256GB of storage and $399 for 128GB. The decision was a little puzzling given that the Quest 2 had recently entered the market in October 2020. As time passes, device manufacturers typically drop their pricing.
Zuckerberg said that his business is getting ready to launch a new headset next month during an interview on Joe Rogan’s podcast last month. Most likely, the gadget will be Meta’s eagerly awaited Project Cambria platform. The headgear, which might appeal to aficionados, is anticipated to cost roughly twice as much as the Quest 2.
With $10 billion invested in the project in 2021 alone, Meta is pouring money into its efforts to control the metaverse. And Zuckerberg has acknowledged that it will keep costing the business countless billions of dollars for years to come.
Let’s have a short overview of the financial highlights of the stock; shares of QUALCOMM, Inc. (NASDAQ:QCOM) moved down 2.35 cent or -1.78% to settle at $129.92 in last trading session. The Beta factor was 1.23%.
Stocks Performance; QUALCOMM, Inc. ’s stock increased during the trade to the maximum level at $130.13 and during the session traded at the lowest level of $126.08 after opening price of $132.27. QCOM has earning per share of $11.29 while it has 1.12 billion shares outstanding with institutional ownership of 74.50%.
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