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29 Jan, 2022 12:19

Apple stock reacts to metaverse plans

Shares rallied after firm posted blockbuster profits and hinted at metaverse expansion
Apple stock reacts to metaverse plans

The iPhone maker’s shares soared some 7% to $170.33 per share on Friday, marking the biggest one-day jump in a year and a half. Already the globe’s largest company by market value, Apple posted a Wall Street-beating record $123.9 billion in sales for the last three months of 2021, despite pressing supply-chain constraints, the company announced this week. Total revenue increased 11% in the quarter ended December 25, 2021, Apple said, while profits jumped 20%, reaching a record $34.6 billion.

Apple is known for its supply-chain prowess and many wonder about the actions Apple has taken and will take to better position itself for this calendar year,” Scott Kessler of analytics firm Third Bridge told Reuters.

The figures helped Apple shares make up for the losses it has seen in recent weeks during a sell-off in growth and technology stocks.

The positive market reaction also stemmed from Apple’s announcement of its planned metaverse push. The company’s CEO Tim Cook on Thursday said Apple is mulling expanding its library of 14,000 augmented reality (AR) apps.

We see a lot of potential in this space and are investing accordingly,” Cook said, responding to a question on Apple’s plans for the metaverse, the increasingly popular virtual world environment that can be accessed via internet.

For more stories on economy & finance visit RT's business section

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