In November 2023, the U.S. economy added 199,000 jobs, exceeding Wall Street predictions. Notably, overall employment now stands 2 million jobs higher than projected in January 2020 by the Congressional Budget Office. Additionally, the unemployment rate, anticipated to be 4.2 percent by the end of 2023, is currently at a near half-century low of 3.7 percent, showcasing the remarkable resilience and outperformance of the labor market. With the American economy increasingly performing better, now is the time to invest in the future of innovation and growth. Buy these virtual reality stocks to add great value to your portfolios in 2024.
Qualcomm (QCOM)
Qualcomm (NASDAQ:QCOM) is a semiconductor and software company, that also creates extended reality device processing units.
QCOM has robust financials. The company posted $8.6 billion revenue for Q4 2023, beating analyst expectations by $145.3 million. They also had signs of profitability with a 55.7% gross profit margin and a 27.4% levered FCF margin, both well above the sector median.
Qualcomm has partnered with BMW (OTCMKTS:BMWYY) to integrate its Snapdragon Digital Chassis Solution into BMW automobiles. This integration improves the user experience providing 5G connectivity to passengers and eventually will create autonomous driving capabilities for BMW cars. Qualcomm is also set to release a new, high-power processing unit in Q1 2024. A higher capability extended reality chip that can be mass-produced can improve both AR and VR experiences at an affordable price to customers.
All of these factors make Qualcomm one of the virtual reality stocks that investors want to buy ASAP.
Meta Platforms (META)
Meta Platforms (NASDAQ:META) is known for its major products, such as Facebook, Instagram, Oculus and Whatsapp. Many of their products are designed to connect people with their friends, families and co-workers across the world. And help them discover new products and services from local and global businesses while they are at it. META stock has been seeing strong recent growth, as the stock is up 154.49% YTD.
Recent financials for Meta have been sturdy. Their revenue in Q3 2023 of $34.15 billion was a increase of 23% year-over-year (YOY), beating the analyst expectations. The diluted EPS grew 167.68% YOY, its net income grew by 163.55%, and its net change in cash grew by 113.87%.
On Instagram and Facebook, Meta gains its profit from selling ads. One of Meta’s latest projects is a partnership with Amazon (NASDAQ:AMZN). The goal is to allow users to seamlessly shop and checkout on Amazon through Amazon ads placed on Meta products. This arrangement should benefit both Meta and Amazon and the users as it makes the shopping experience quicker and more convenient. The collaboration with Amazon will reinforce Meta Platforms’ bottom line.
Investors should buy in on META stock as the company is positioned to take over the global social media market.
Matterport (MTTR)
Matterport (NASDAQ:MTTR) is the leading spatial data company that enables users to digitize their building, automatically create 3D tours, 4K print quality photos and more.
The company reported solid Q3 2023 financials, with a 6.97% YOY increase in revenue to $40.6 million. The company also recorded the highest revenue generated from its subscription model, reaching a record high of $22.9 million, a 20% YOY boost.
During Q3 2023, MTTR launched a new next-gen AI-powered real estate program, now running in beta. This program enables users to automate room measurements and layouts. This automation processes millions of 3D data points eliminating the need for manual measurements and reporting. The company also announced new collaborations and partnerships with many companies.
MTTR’s stock represents a good investment opportunity among virtual reality stocks due to its strong financial results, its new AI-powered real estate program and multiple collaborations and partnerships.
On the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.