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Apple Stock Skyrockets After CEO Unveils Metaverse Investment

Apple Stock Skyrockets After CEO Unveils Metaverse Investment Market News
  • Apple CEO Tim Cook said that metaverse applications have the potential to hold investments for AR developments.
  • The company’s new plan helped increase its stock by 8% to $167.23.
  • Up to 14,000 apps have been designed by ARKit for the metaverse realm.

Apple’s stock price recently increased by 8% when CEO Tim Cook mentioned in the company’s Q1 2022 earnings call that he could foresee some potential strides in the metaverse arena. Additionally, the company’s revenue has gained $19.5 billion, a surge of up to 24%.

In the call on January 27, Cook talked about Apple’s opportunities in the metaverse. He responded that there are prospects for AR developments within the space and the idea of investing in it would be the perfect decision.

Cook also pointed out that Apple already features up to 14,000 AR apps on its App Store. These apps are designed by the AR developer platform ARKit. This design structure proposed by ARKit helps users to access the metaverse.

He added:

We’re always exploring new and emerging technologies and I’ve spoken at length about how it’s very interesting to us right now.

While Meta has gripped on using Oculus headset to engage users into the metaverse, Apple is still betting on AR technology. Although Apple had planned to release the Apple headset in 2022, it is reported that due to software and hardware challenges it might be delayed.

Apple is looking forward to launching its headset that can focus on communication, gaming, and content consumption. To add, the company is struggling with tech giants like Meta, Microsoft, and blockchain companies like Decentraland, Bloktopia, and Ertha Metaverse to move straight to burgeon their plans in the metaverse.

Meanwhile, Apple has announced the financial results of its first quarter of fiscal 2022, which is all-time revenue of $123.9 billion. Regarding this, Tim Cook remarked that many new lineup products and services have helped the company to form its revenue record.

As we know it, the metaverse is a simulated digital environment backed by tech companies and social media. It operates with devices like digital glasses, VR headsets, smartphones, and other devices that will accompany users to access the 3-D virtual or augmented reality world.

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Bahira Maisoon is a researcher and writer for CoinQuora. She specializes in covering news and writing about blockchain and crypto assets to introduce people of all ages to the world of digital assets.