VENTURE CAPITAL POST

The social network giant posted a strong profit. On Wednesday, Facebook reported a $1.56 billion quarterly net income in fourth quarter of 2015.

Palmer Luckey, founder of Oculus Rift company have to stand in court in a lawsuit against him. The plaintiff is Total Recall Technologies that accused the 23-year old to use its data illegally.

Oculus just announced another exciting news to its users during the Oculus Connect conference in Hollywood. As users are eagerly waiting for the next Oculus rift to hit the market next year, the team announced that they are working with Netflix and Hulu to bring the network shows on virtual reality. Users can now bid goodbye to the day of holding their laptop as they are lying down on their bed watching "House of Cards" or "Orange is the New Black".

Facebook Inc's Oculus VR unit announced an upgraded prototype of its virtual reality headset that has higher resolution and built-in audio, but the company said it is not ready to sell a device to consumers.

U.S. stocks ended mostly down on Wednesday, as a decline in Apple shares dragged the Nasdaq lower and investors held off on big bets before the European Central Bank's upcoming policy meeting.

Social media giant Facebook acquired California, US-based virtual reality headset maker Oculus VR in a deal valued at $2 billion to help the startup expand beyond non-gaming applications of its technology.

Irvine, US-based startup Oculus VR took home the award for the Best Hardware Startup of the year during the 7th Annual Crunchies of TechCrunch for its breakthrough Oculus Rift VR headset.

Irvine, California-based firm Oculus VR has raised $75 million in a funding round led by venture capital firm Andreessen Horowitz to launch a consumer version of the tech firm's virtual reality goggles.