Shares of Meta Platforms (META 1.12%), the recently renamed Facebook, jumped on Monday. As of 11:35 a.m. ET today, the stock was up more than 3%.
The stock's gain is likely being driven both by a pretty bullish day for the overall stock market on Monday and reports that Meta Platforms' Oculus virtual reality (VR) headset may have been a blockbuster hit this holiday season.
The Meta app in Apple's app store was the most popular app on Christmas Day, according to CNBC. The popularity of the Meta Platforms app for the Oculus VR goggles suggests that the headset could have been one of this holiday season's most popular gifts.
The tech company has been investing heavily in VR and augmented reality (AR). Management disclosed in the company's third-quarter earnings call that investments in this category will reduce the company's operating profit by a total of $10 billion this year. "[A]nd I expect this investment to grow even further for each of the next several years," said CEO Mark Zuckerberg in the company's third-quarter earnings call.
Of course, an upbeat day in the overall market likely played a key role in the stock's move higher, too. As of this writing, the S&P 500 was up 0.9% and the tech-heavy Nasdaq Composite was up more than 1%.
Investors will look for more information from Meta Platforms on the success of its VR business over the holidays when the company reports its fourth-quarter results. The company usually reports its fourth-quarter results in late January.
Management said that starting with its fourth-quarter update, the company will begin disclosing financial metrics for its Facebook Reality Lab segment, which will give investors visibility into its VR and AR business.