Well have this plan, Metaverse will be led by Apple.
Apple Inc. shares soared after chief executive officer (CEO) Tim Cook signaled to join the metaverse by announcing an update on his company’s augmented reality (AR) application expansion.
So far, the iPhone company has nearly 14,000 AR apps in its App Store and Cook suggests that number could double if there are more investors looking to invest.
Sources from Bloomberg and Apple analyst Ming-Chi Kuo reported that Apple is planning to introduce an AR headphone this year or next year then followed by a pair of glasses.
However, Apple has not yet confirmed the plan.
Following Cook's statement, Apple shares jumped 5% in Thursday's (January 27) trading session.
Apple’s revenue jumped 24% to $ 19.5 billion in the first quarter, exceeding analysts ’expectations at $ 18.6 billion.
The company also managed to gain 785 million new customers to its paid services such as music and game streaming, an increase from 620 million last year and 745 million last quarter.
Meanwhile, Cook added Apple's research and development efforts are focused on hardware, software and services.
According to analysts, AR devices could open up more opportunities to grow subscriptions where existing offerings of fitness workouts and video content could grow more attractive through in -depth AR experiences and as services and customers grow, Apple’s gross profit margins could jump over 40%.
Additionally, Counterpoint Research analyst Neil Shah said metaverse -related services like AR apps could reverse Apple’s revenue mix.
