After CEO Tim Cook stated during the company’s Q1 2022 earnings call that he sees significant potential in the Metaverse space, Apple’s stock price soared in after-hours trading.
“We see a lot of opportunity in this space and are investing accordingly,” Cook said on the call on Jan. 27 when questioned about Apple’s chances in the Metaverse.
“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 interoperable virtual universe that includes socialization, games, and even live performances. Although it may be accessed through a browser, virtual reality (VR) or augmented reality (AR) provide a better experience (AR).
APPL had fallen roughly 3% to $159.22 during regular trading hours, but had since risen 8% to $167.23 in after-hours trading. On Cook’s call, the Metaverse was just one of the subjects explored.
Apple (APPL) already has a bevy of 14,000 apps on its App Store that have been designed using the AR developer platform ARKit, according to Appleinsider. In the Jan. 27 call, Cook mentioned that Apple (APPL) already has a bevy of 14,000 apps on its App Store that have been designed using the AR developer platform ARKit. Apps built with ARKit may be able to assist users in gaining access to the Metaverse.
Unlike Meta, which has leaned toward using the Oculus Rift to immerse people in the Metaverse, Apple is betting big on augmented reality. Apple had planned to introduce a headset in 2022, but Bloomberg reported on Jan. 14 that it could be postponed due to hardware and software issues.
Despite Cook’s acceptance of the Metaverse, the headset in development is thought to be primarily geared for gaming, communication, and content consumption. So far, the world’s most valuable corporation has lagged behind other major giants like Meta and Microsoft, both of which have made public aspirations to develop in the Metaverse.
Microsoft recently paid $69 billion for Activision Blizzard in order to grow Metaverse gaming.
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