Apple stock surges after CEO discloses it’s investing in the Metaverse
In an investor call, Time Cook said that Metaverse apps have a lot of promise and that his business is investing in augmented reality development on its devices.
Apple’s stock price increased significantly in after-hours trading after CEO Tim Cook said during the company’s Q1 2022 earnings call that he believes the Metaverse area has significant promise.
When questioned about Apple’s chances in the Metaverse during the Jan. 27 call, Cook stated, “we see a lot of opportunity in this sector and are investing appropriately.”
“We’re always investigating new and developing technologies, and I’ve talked extensively about how exciting it is for us right now.” The Metaverse is a user-created interoperable virtual environment that features social interaction, games, and even live performances. While it may be viewed through a browser, the experience is enhanced when used in conjunction with virtual reality (VR) or augmented reality.
APPL fell almost 3% to $159.22 during normal trading hours, but has now risen 8% to $167.23 in after-hours trading. The Metaverse was one of the subjects covered during the conversation.
According to Appleinsider, Cook mentioned during the Jan. 27 call that Apple (APPL) already has a slew of 14,000 apps on its App Store that were created using the augmented reality developer platform ARKit. Apps built with ARKit may enable users to access the Metaverse.
Whereas Meta has pushed on employing the Oculus Rift to immerse people in the Metaverse, Apple has relied heavily on augmented reality technologies. Apple had previously said that it will produce a headset in 2022, but Bloomberg reported on Jan. 14 that the release might be delayed owing to hardware and software issues.
Despite Cook’s acceptance of the Metaverse, it is thought that the headgear currently under development will be primarily focused on gaming, communication, and content consumption. Thus far, the world’s biggest firm by market capitalization has lagged behind other technology titans such as Meta and Microsoft, both of which have made public ambitions to develop in the Metaverse. Microsoft acquired Activision Blizzard for $69 billion in order to grow Metaverse gaming.
Also Read: Warner Music Conceives Metaverse Concerts In Ethereum’s Sandbox Game