Meta Platforms ( META Quick Quote META - Free Report) recently announced that it is collaborating with the Duet Display app, which turns Meta Portal Plus (Gen 2) and Meta Portal Go into a second display for computer screens.
This will help users juggle multiple apps and complex tasks seamlessly without any lag. Also, users don’t need to take up desk space with a separate monitor.
Simultaneously, Meta Platformslaunched the Meta Portal Companion app on
Apple’s ( AAPL Quick Quote AAPL - Free Report) Mac for easy screen sharing and access to video-calling controls.
META specifically built the Meta Portal app for Apple’s macOS, which helps connect the touch-based Meta Portal from any Mac, making it easier to work across devices. The new portal app helps in sharing the computer screen while on a call and enables to quickly access controls to raise one’s hand, mute oneself and adjust the volume during video calls on Portal.
Meta Platforms is investing heavily in building different AI softwares, which will help it address the negative impact of the digital advertising business and diversify income. The recent software launched in collaboration with the Duet Display app will help META address the current hybrid work trend and aid users in working smoothly from their homes.
The newly-launched Meta Portal Plus is available for free in the United States, Canada, the UK, France, Spain, Italy, Australia and New Zealand. Whereas, Meta Portal Go is available for free in the US, Canada, the UK, France, Spain and Italy.
Meta Platforms Investing Heavily in AI to Aid Revenue Growth
Shares of Meta Platforms, which currently has a Zacks Rank #4 (Sell), have tumbled 45.8% in the year-to-date period compared with the Zacks
Internet – Software industry’s decline of 43.4%. You can see . the complete list of today's Zacks #1 Rank (Strong Buy) stocks here
The recent fall in the share price can be attributed to geopolitical tensions like the Russia-Ukraine war, which reduced META’s monthly active users across its Family of apps, namely Facebook and Instagram. Also rising inflation weakened digital advertising revenues. The global economic downturn is currently witnessing a worse phase than what it was a quarter ago. This, in turn, hurt investors’ sentiments around the ad-revenue-dependent companies.
Intensifying competition for ad dollars and user engagement from the likes of
Snap ( SNAP Quick Quote SNAP - Free Report) , Twitter ( TWTR Quick Quote TWTR - Free Report) and TikTok are other headwinds that persist.
Snap is benefiting from improving user engagement, particularly in the 13-34-year-old demography, which is expanding its advertiser base. SNAP is also providing competition to Meta in the metaverse. It collaborated with Vogue to feature a virtual try-on experience of select pieces from Balenciaga, Dior and Gucci, which will be available for snapchatters, globally.
Even as Meta Platforms is investing aggressively in building the metaverse, Twitter surpassed it as the first social media giant to enter the Non fungible token marketplace by launching a tool to showcase and sell NFTs on its platform.
Although Meta Platforms’ short-term revenue growth looks bleak, it is confident about its long-term prospects. META is pumping resources into developing AI to address solutions for megatrends like hybrid work environment, which will drive its user base across various platforms like Meta Portal Go.
Investments in AI are also expected to draw higher revenues from its ad business.
Reels is the newest trend right now and AI is increasingly recommending the feeds. This will enable Meta to evolve its ad systems to help creators earn through Facebook and Instagram, and create new ad revenues for organic growth.
Additionally, this strategic move will pool in funds for building the metaverse and generate positive returns from Meta Platforms’ investments in AI.