CNBC's Josh Lipton Says Tim Cook 'Sounded Upbeat' And 'Looked Confident'

While Apple Inc. AAPL's stock is tumbling on Wednesday, the company's CEO Tim Cook "sounded upbeat" and "looked confident," at least according to CNBC's Josh Lipton. Lipton stated in a segment on CNBC's Squawk On The Street that Apple's second quarter revenue showed a decline for the first time in 13 years and iPhone units fell year-over-year for for the first time ever. Lipton continued and cited Piper Jaffray's Gene Munster who attributed Apple's poor demand to difficult comparisons given the success of the iPhone 6. At the same time, Apple is gaining share in the smartphone market, but the market is slowing. Cook defended the slowing growth in the smartphone market during the post earnings conference call. He noted that the lack of strong growth seen in prior years is due to macroeconomic issues in many markets and it shall pass in time. "So why is Cook confident that the iPhone franchise is going to return to growth?," Lipton asked. "He tells me to look at the strength in emerging markets like India, the new users that the new iPhone SE is attracting and the record number of Android switchers." However, Lipton added that investors "aren't so sure, at least right now."