Along with a record $35 billion quarterly earnings and 11.2% rise in sales to $124 billion, Apple Inc outlined its metaverse ambitions on Thursday. In a call with investors, CEO Tom Cook spoke about the company’s plans and preparations to expand its presence in the business of augmented reality.
To a question asked by Katy Huberty of Morgan Stanely about “Metaverse opportunity and Apple’s role in that market,” Cook said, “We see a lot of potential in this space and are investing accordingly.”
Apple has over 14,000 AR Kit apps in the App Store, and Cook suggested that the number could increase in the future in line with growing interest in the Metaverse and augmented reality.
At the start of 2022, Apple analyst Ming-Chi Kuo predicted that the company could launch its first VR headset, followed by smart glasses. Apple headsets are rumored to be ready to go since 2020, but the firm never publicly acknowledged it.
However, Apple is the latest among the big tech companies working on Metaverse plans to acknowledge its ambitions in this field. Last year, Mark Zuckerberg announced his decision to rename Facebook into Meta to align his social media businesses to the emerging new frontiers of technology – the Metaverse. Google and Microsoft are also said to be working on their AR headsets and glasses.
Analysts believe Apple’s Metaverse services, such as augmented reality apps, could significantly alter the firm’s revenue mix.
Cook’s positive reply about the company’s Metaverse plans generated a strong investor response. In the after-hours trade following the release of the quarterly results, Apple shares gained 4%.
“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO.
In early November last year, Cook revealed he had invested in bitcoin and ether in his personal capacity.
When asked if he owns portions of the two largest cryptocurrencies at an event, Cook said, “I do. I think it’s reasonable to own it as part of a diversified portfolio. […] I’m not giving anyone investment advice, by the way.”