Stocks have surged for Apple Inc after it offered investors several key details on its Metaverse goals, which includes a list of augmented reality (AR) app expansions, Reuters reported on Thursday.
Tim Cook, Apple Chief Executive, revealed in a first fiscal quarter (Q1) earnings call the tech behemoth’s App Store had reached roughly 14,000 AR apps.
More apps are expected to join the popular store with additional investments, he added.
Cook said at the time that his firm saw “a lot of potential in this space and are investing accordingly.”
His comments echo further statements on Thursday, where the tech chief said his company’s research and development efforts had focused on combining software, hardware, and numerous services, Reuters added.
He continued, stating,
“That’s where the magic really happens. There’s quite a bit of investment going into things that are not on the market at this point”
Apple stocks also climbed nearly 5 percent after it announced strong quarterly profits along with the AR update, and reported a 24 percent spike in service revenues, or $19 billion USD, amid the holiday season, breaking initial estimates of roughly $18.6 billion.
The Cupertino-based firm also gained 785 million subscribers to its customer base of paid services, including music streaming and gaming, up from 620 million the previous year, the call concluded.
Apple’s AR Efforts Pay Off
The news comes as Apple prepares to step up its efforts to build solutions for developing the Metaverse, including the company’s upcoming mixed reality (MR) headset expected in early 2023.
Ming-Chi Kuo, Veteran Apple Analyst, stated in recent reports the company had pushed back the launch of its MR device several times to optimise features prior to its release, leading to the delays.
According to Kuo, it will provide several crucial upgrades such as Apple’s proprietary M1 processor, tetherless functioning, 6, 6E, and 7 WiFi connectivity, and a 4K microLED display from Sony.
The US tech giant also posted jobs on its website in December for engineers to build and innovate its virtual and augmented reality (VR/AR) framework “with a focus on multi-user systems.”
Apple faces sharp competition from the world’s biggest tech giants, including Metaverse hopeful Meta Platforms Inc, formerly Facebook, as well as Microsoft, HTC, NVIDIA, Google, and many others.