$Apple(AAPL.US)$ 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.
Why It Matters: Realizing the massive opportunity in the Metaverse, companies such as Apple and $Meta Platforms(FB.US)$ 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 $Sony(SONY.US)$ PlayStation VR, among others.
Price Action: Apple shares trade 2.7% higher today.
