Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) will present its most advanced smart glasses yet at its Connect annual event on Wednesday, CNBC reported.
The media outlet noted that the glasses, internally codenamed Hypernova, feature a small display that can be controlled via hand gestures through a wristband that utilizes neural technology.
The smart glasses are expected to sell for $800, more than twice as much as the Ray-Ban Meta glasses, which start at $299.
Meta Platforms spent billions of dollars but have so far been unsuccessful in trying to make virtual reality catch on with consumers.
Wall Street analysts have been concerned about the spending at Meta’s Reality Labs division, which posted a second-quarter operating loss of $4.53 billion in July.
Reality Labs, which has developed consumer hardware products such as the Ray-Ban Meta glasses and the Quest VR headsets, has accumulated nearly $70 billion in losses since late 2020.
Meta Platforms shares rose 0.6% to $769.11 in early Tuesday trading.