Apple CEO Tim Cook spoke about plans to expand augmented reality (AR) applications and hinted at the company's interest in the metaverse.
The Cupertino tech giant currently has 14,000 AR apps in the App Store, and Cook hinted that number will grow with additional investment and "incredible augmented reality capabilities."
"The company sees great potential in the new space and is committed to investing," Cook said during Apple's Q1 2022 earnings call.
Metaverse-related services could change Apple's revenue structure. Immersive augmented reality experiences could provide attractive growth to existing offerings.
Apple previously announced plans to release an AR headset by 2022, followed by glasses. Although the company's plans are on hold, Cook noted that research and development continues.
Major investments are being made in things that have not yet hit the market.
Against the backdrop of the news and positive financial report, Apple shares immediately rose 8%.
Overall, Apple's gross profit for the quarter exceeded 40%. Apple's services revenue jumped 24% to $19.5 billion in the quarter ended Dec. 25. The company added 785 million subscribers to its paid services, including iCloud, Apple Music and the App Store, up from 620 million a year earlier and 745 million last quarter.
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