Apple shares rise on Tim Cook’s remarks about metaverse potential

Apple sees “great potential” in the metaverse sector and does not rule out investments in this direction. This was stated by chief executive Tim Cook during the Q1 2022 earnings call.

On the question from Katy Huberty of Morgan Stanley about the metaverse potential and Apple’s role in the market, Cook replied:

“We have more than 14,000 ARKit-enabled apps in the App Store, delivering an incredible AR-experience to millions today. Therefore, we see great potential in this direction and are investing accordingly.”

According to Bloomberg, Apple will unveil its own VR/AR headset by the end of 2022. In 2023 the device will go on sale. The company has been working on the product for seven years. Its release was originally planned for 2021, but the release was delayed due to software issues, overheating and cameras.

Earlier, Mark Gurman of Bloomberg reported that Apple rejected the idea of a metaverse for its mixed-reality headset. He noted that developers would focus primarily on communication, content consumption and games.

In December 2021, Ming-Chi Kuo said that Apple’s headsets will replace smartphones within the next decade.

During pre-market trading on the U.S. stock market, the company’s shares rose by almost 5%. As of this writing, the securities were trading near $166.

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In 2021, Apple stock growth outpaced Bitcoin’s performance. The company’s shares rose by 40%.

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