Apple (NASDAQ:AAPL) CEO Tim Cook addressed the idea of the “metaverse.” In response to a question from Morgan Stanley (NYSE:MS) analyst Katy Huberty, Cook explained that Apple sees a “lot of potential in this space.”
Tim Cook said that the company sees a lot of potential in the metaverse, which he related to the company's current AR/VR endeavors, and added that the company is investing in the space.
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Leaks and rumors point to Apple taking on a major role in the virtual reality future dubbed "metaverse" by some. During an Apple earnings call, Apple's CEO Tim Cook confirmed that the company is interested in this development and is already invested with a commitment to augmented reality.
Specifically, Cook said that "we're a company in the business of innovation," and "we have over 14,000 AR apps in the App Store" when asked about the metaverse. This response has been the general go-to for the CEO when pressed about AR/VR or other items in that realm.
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 on the call.
Apple's services revenue jumped by 24% to $19.5 billion in the just-ended holiday quarter, topping analysts' estimates of $18.6 billion. The company added 785 million subscribers to its handful of paid services such as streaming music and playing games, an increase from 620 million a year ago and 745 million last quarter.
Cook separately on Thursday said that Apple's research and development efforts are focused on the intersection of hardware, software, and services. Apple is trading up by 9% at $168.22 at press time