Meta Platforms $META Stock Forecast: Three support levels to scoop up Facebook parent
also faced some disconcerting news over the weekend as they decided to, an internal code word for a smartwatch that was planned to be sold for $349 sometime next year. The smartwatch had cameras on both the front face and the back face of the watch, so users could take it off to snap photos. The problem is that the camera conflicted with the main goal of the watch – electromyography.
This is another instance of the metaverse crowding out profitable business ventures that shareholders have already grown annoyed at. Dropping Milan is part of's strategy of cutting $3 billion in expenses that was announced in April. Meta has also opted to halt hiring on some new executives, while it deals with getting its spending under control. Heavy spending on the metaverse was one reason META stock fell so drastically in price at the most recent quarterly earnings call.
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