GTA San Andreas VR On Hold As Meta Reality Labs Reckons With $16B In Losses
Portfolio Pulse from Franca Quarneti
Meta Platforms Inc. (NASDAQ:META) has indefinitely shelved its VR project for 'GTA: San Andreas' amid $16 billion in losses for its Reality Labs division. This decision reflects Meta's need to reassess priorities in a challenging market.
August 16, 2024 | 7:10 pm
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Meta Platforms Inc. has indefinitely shelved its VR project for 'GTA: San Andreas' due to $16 billion in losses for its Reality Labs division. This decision is a significant setback for Meta's VR ambitions and reflects the company's need to reassess its priorities.
The indefinite shelving of a highly anticipated VR project due to substantial financial losses is likely to negatively impact investor sentiment and the stock price in the short term. This decision highlights the financial struggles within Meta's VR division and raises concerns about the company's strategic direction.
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