NEW YORK (TheStreet) -- Facebook (FB) stock is increasing by 2.55% to $107.24 in afternoon trading on Monday, as the social network has created a team dedicated entirely to exploring the future of social interaction in virtual reality.
Facebook acquired virtual reality headset maker Oculus in 2014 and British virtual reality startup Surreal Vision in 2015. Oculus and Samsung (SSNLF) have partnered to create Gear VR consumer headsets compatible with the Samsung GALAXY flagship smartphones.
Facebook's new virtual reality team will work on creating social apps in virtual reality, with games such as Minecraft arriving at the Oculus store later this year, Facebook CEO Mark Zuckerberg said at Samsung's Mobile World Congress, USA Today reports.
Facebook also will bring its technology for 360 video streaming to Samsung Gear VR in the next few weeks, according to a statement.
Investors probably won't have to wait too long for virtual reality to positively contribute to earnings, TheStreet's Jim Cramer said on CNBC's Squawk on the Street this morning.
"Zuckerberg doesn't do anything that's not about making money now or as soon as possible," he noted.
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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of C-.
Facebook's strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.