Apple Sees 'A Lot Of Potential' With Metaverse And Is 'Investing Accordingly,' Says CEO Tim Cook

Apple Inc. AAPL CEO Tim Cook said his company sees a “lot of potential” in the Metaverse space and is “investing accordingly.”

What Happened: Cook made the comments during Apple’s quarterly earnings call on Thursday, when asked about the tech giant’s plans for the Metaverse — a term that represents a meeting of the physical world with augmented reality (AR) and virtual reality (VR).

Cook added that Apple already has over 14,000 AR apps in the App store.

Apple reported better-than-expected earnings results for the first quarter on Thursday.

See Also: How To Buy Apple (AAPL) Stock

Why It Matters: Realizing the massive opportunity in the Metaverse, companies such as Apple and Meta Platform Inc. FB are investing more time and money into the space.

However, Apple’s rumored mixed-reality headset though may not debut until the end of 2022 or later, it was reported earlier this week, citing technology-focused journalist Mark Gurman. The product could reach store shelves by 2023.

Investors have high hopes for the Apple VR/AR headset product since it would mark the Cupertino-based company's entry into an entirely new product category.

The headset is expected to compete against Meta’s Oculus headset and Sony Group Corp.’s SONY PlayStation VR, among others.

Price Action: Apple shares closed almost 0.3% lower in Thursday’s regular trading session at $159.22, but rose 5.0% in the after-hours session to $167.23.