Apple Chases Facebook Into the VR Market With a $100 Million Acquisition
The mostly fool | April 08, 2020
Apple (NASDAQ:AAPL) recently agreed to buy NextVR, a California-based company that streams live events to augmented and virtual reality devices, for $100 million. NextVR holds over 40 patents for those technologies, but laid off roughly 40% of its staff after failing to secure fresh funding last year. The start-up was valued at $800 million less than four years ago. $100 million is pocket change for Apple, which ended last quarter with $207 billion in cash, cash equivalents, and marketable securities.