During an investor call, Time Cook stated that Metaverse products have a huge potential and also that the firm is investing in AR development on its devices.
After CEO Tim Cook revealed during the company's Q1 2022 earnings report that he notices substantial potential in the Metaverse space, Apple's stock price skyrocketed in after-hours trading.
Cook said, “We see a lot of potential in this space and are investing accordingly,” when questioned about Apple's prospects in the Metaverse in a call on Jan. 27.
“We're always exploring new and emerging technologies and I've spoken at length about how it's very interesting to us right now.”
The Metaverse is a user-created compatible digital environment that offers networking, games, and even live events. Though it can be retrieved via a browser, the experience is enhanced by using virtual reality (VR) or augmented reality (AR).
APPL fell 3% to $159.22 all through regular trading hours but has now gained 8% to $167.23 in after-hours trading. The Metaverse was one of many matters listed during the conference call.
According to Appleinsider, Cook said on the Jan. 27 call that Apple (APPL) already has a plethora of 14,000 apps on its App Store that have been built utilizing the AR development platform ARKit. Apps built with ARKit could assist users in obtaining entry to the Metaverse.
While Meta has focused on using the Oculus headset to engage people in the Metaverse, Apple is doubling down on augmented reality. Apple was expected to debut a headset in 2022, but Bloomberg speculated on January 14 that it might be postponed because of hardware and software issues.
Although Cook's acceptance of the Metaverse, the headset in development is said to be centred on gaming, interaction, and media consumption. As of now, the world's largest firm by market capitalization has trailed behind other tech giants like Meta and Microsoft, both of which have made public aspirations to expand in the Metaverse.
Microsoft just paid $69 billion for Activision Blizzard in a plan to develop the Metaverse game universe.