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Papers: Virtual Reality demand comes back down to realistic figures

The Papers including Facebook Inc, Abercrombie & Fitch Co, Buzzfeed, American Apparel, Deutsche Bank PLC and General Motors Company

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SuperData Research Inc has brought investors back to reality

Investors expecting astronomical sales figures for virtual reality products could be living in a fantasy land according to a report from the Wall Street Journal.

Research firm SuperData Research Inc. released a new report suggesting early glitches in the technology are causing some to be turned off the products.

A number of firms have been hit with delays, including Facebook Inc (NASDAQ:FB) which said earlier this month that sales of its Oculus Rift headset had been delayed due to component shortages.

Similarly, Samsung Electronics Co has struggled with unexpected demand for its Gear VR shipments, while Sony Corp’s (NYSE:SNE) Playstation VR launch has been pushed back to October.

SuperData now estimates hardware and software sales will reach US$2.6bn this year, down some 22% on its forecasts in March.

Back in the real world, the WSJ also writes that Abercrombie & Fitch Co (NYSE:ANF) has hired J.Crew veteran Ashley Sargent Price as its new creative marketing director.

The retailer is aiming to become relevant again after its provocative “sex-tinged” marketing failed to hit the mark.

Staying with retail, USA Today reports clothes and accessory maker American Apparel (OTCB:APPCQ), which went through bankruptcy reorganization, is laying off around 500 employees.

The company, also known for its edgy and sex-driven advertisements, plans to cut its 4,300 strong workforce by more than 11%.

In other news, BuzzFeed, the online news site known for viral stories and lists, missed its revenue target for 2015 and has cut its internal estimate for 2016 by about half, according to reports.

The popular online site had forecast generating about US$250mln in revenue last year, but generated less than US$170mln.

Elsewhere, the New York Times writes that Deutsche Bank (NYSE:DB), the German financial giant, announced it is to freeze its plans to add jobs in North Carolina after a state law was passed last month to, among other things, eliminate antidiscrimination protections based on sexual orientation.

Deutsche Bank had planned to create 250 positions at its technology development center in, the report says, with co-chief executive John Cryan attacking the new law, which also stops transgender people from using bathrooms that do not match their gender at birth.

Finally, in LA, the Los Angeles Times said that General Motors (NYSE:GM) is taking online applications for its "ultra-high-performance" Ford GT Supercar.

It follows the record-breaking deposits seen for Tesla’s Model 3, which hit more than 300,000 recently.

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