Market Overview

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

Share:

While Apple Inc. (NASDAQ: 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.

Related Link: Maxim Trims Apple Estimate, Keeps Target Above $150/Share

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."

 

Related Articles (AAPL)

View Comments and Join the Discussion!

Posted-In: Apple ChinaAnalyst Color Earnings News Tech Media Trading Ideas

Latest Ratings

StockFirmActionPT
BKHMizuhoMaintains70.0
JOBAlliance Global PartnersUpgrades2.5
RARECanaccord GenuityMaintains91.0
TTDOppenheimerMaintains450.0
PYPLWedbushMaintains200.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com