Meta Platforms CEO Mark Zuckerberg told CNBC's Jim Cramer on Wednesday that the metaverse could be a considerable part of the social-network operator's business in the second half of the decade.
"We hope to basically get to around a billion people in the metaverse doing hundreds of dollars of commerce, each buying digital goods, digital content, different things to express themselves, so whether that's clothing for their avatar or different digital goods for their virtual home or things to decorate their virtual conference room, utilities to be able to be more productive in virtual and augmented reality and across the metaverse overall," he said.
Investors have cut the company's market capitalization in half this year as growth has slowed and the number of its daily active users declined sequentially for the first time between the last two quarters. Zuckerberg has been increasingly directing the company toward what he views as the next generation of content, a virtual world where people can buy and sell digital clothes and other goods for avatars who can communicate with one another. The company's ticker symbol changed from FB, a relic of its history as a pure social media provider, to META earlier this month.
But the company's investment in augmented reality and virtual reality dates back to 2014, when it paid $2 billion for headset maker Oculus VR. Shipments of headsets have failed to outnumber shipments of PCs or smartphones. Zuckerberg expressed optimism about the performance of its current-generation Meta Quest 2, which starts at $299.