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).

Photo by Laurenz Heymann on Unsplash

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.

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.