Apple’s Tim Cook Recognises Metaverse Potential and is ‘Investing Accordingly’

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Key Takeaways:

  • Apple CEO Tim Cook addressed the concept of the “metaverse” during Apple’s Q1 2022 earnings call with analysts and investors.
  • Apple, according to Cook, sees “a lot of potential in this space.”
  • As of right now, there are over 14,000 apps on the App Store that use Apple’s ARKit foundation, according to Cook. He described these uses as providing “incredible AR experiences for millions of people today.”

Apple’s metaverse ambitions were teased by CEO Tim Cook, who discussed intentions to extend the company’s augmented reality (AR) apps.

When questioned about Apple’s ambitions for the Metaverse, Cook made the remarks during the company’s quarterly earnings call on Thursday.

According to disclosures and rumours, Apple will play a significant part in the virtual reality future termed metaverse. Apple CEO revealed on an earnings call that the company is interested in this advancement and has already committed to augmented reality.

Apple’s Cupertino-based tech behemoth presently has 14,000 augmented reality apps on the App Store, and Cook hinted that this number might climb with further funding. Cook went on to say that these apps gave “incredible AR experiences for millions of people today.”

Apple sees “a lot of potential” in the field and is “investing accordingly,” according to Cook.

On Thursday, Apple announced first-quarter earnings that were better than expected.

Apple posted earnings of $2.10 per share in the first quarter, beating the average forecast of $1.89 per share.

The bottom line was more robust than the $1.68 EPS from a year ago and $1.24 from the prior quarter.

Revenue increased 11% year over year to $123.9 billion, compared to $118.66 billion in the average projection. The corporation made $83.4 billion in revenue in the fourth quarter.

However, according to a report earlier this week, Apple’s suspected mixed-reality headgear may not emerge until the end of 2022 or later. By 2023, the product might be on retail shelves.

Although some speculations claim that the phrase “metaverse” is “off-limits” at Apple, such a headset would allow individuals to engage with it.

The Apple VR/AR headset product has high expectations from investors because it will be the Cupertino-based company’s first foray into a completely new product category.

The headset will likely compete with Meta’s Oculus and Sony Group Corp.’s (SONY) PlayStation VR.

It’s not surprising that Cook mentioned augmented reality apps. Since the inclusion of LiDAR to the iPad Pro and iPhone 12 Pro, Apple has been pushing towards mainstream AR experiences.

According to Reuters, Counterpoint Research Analyst Neil Shah believes that metaverse-related services, such as augmented reality apps, could shift Apple’s revenue mix, with the services business potentially crossing the iPhone in five years.

Apple’s ambitions to introduce an AR headset by 2022 or 2023, followed by glasses, had previously been reported by Bloomberg and Apple analyst Ming-Chi Kuo. Although the company has yet to confirm these plans, Cook stated that the company’s research and development was focused on the confluence of hardware, software, and services.

Cook explained, “That’s where the magic happens. There’s quite a bit of investment going into things that are not on the market at this point.”

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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