Apple Stock Soars After CEO Reveals It’s Investing In The Metaverse

Apple stock rose in after-hours trading after CEO Tim Cook stated during the company’s Q1 2022 earnings call that he sees significant potential in the Metaverse space.

When asked about Apple’s opportunities in the Metaverse during a call on Jan. 27, Cook responded, “we see a lot of potential in this space and are investing accordingly.”

“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 an interoperable virtual universe created in part by users, offering socialization, gaming and even live concerts.

Although it can be accessed with a browser, the experience is better with virtual reality (VR) or augmented reality (AR).

APPL had dropped about 3% to $159.22 during regular trading hours, but has since jumped up 8% to $167.23 in after hours trading.

The Metaverse was just one of the topics discussed during the conference call.

According to Appleinsider, Cook mentioned in the Jan. 27 call that Apple (APPL) already has a plethora of 14,000 apps on its App Store that have been designed using the AR developer platform ARKit.

Apps built with ARKit could assist users in gaining access to the Metaverse.

Whereas Meta has leaned toward using the Oculus headset to immerse users in the Metaverse, Apple is betting big on augmented reality.

Apple was supposed to release a headset in 2022, but Bloomberg reported on Jan. 14 that it could be delayed due to hardware and software issues.

Despite Cook’s embrace of the Metaverse, it is believed that the headset in development will be focused on gaming, communication, and content consumption.

So far, the world’s largest company by market capitalization has lagged behind other tech titans like Meta and Microsoft, both of which have made public plans to develop in the Metaverse.

Microsoft recently paid $69 billion for Activision Blizzard in order to expand Metaverse gaming.