Kevin O'Leary Is No Fan Of The iPhone: 'Apple Needs To Catch Up Now'

While Kevin O'Leary may be best known for his role on the hit show "Shark Tank," he's also a knowledgeable investor and professional fund manager.

O'Leary was a guest on CNBC to discuss the case against owning shares of Apple Inc. AAPL

O'Leary stated that he exited his position in Apple last year because the story behind owning shares has changed. He noted that Apple's ecosystem was particularly strong and driven by iTunes and other content. However, consumers have since moved away from downloading music towards a streaming service, such as Spotify - or Apple's own Apple Music service.

O'Leary added that consumers are no longer "hardware dependent" on the Apple and iTunes story.

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O'Leary further stated that his new Samsung Galaxy S7 edge smartphone is superior to any Apple device he previously owned.

"Apple has got to catch up to this now," he argued. "They have to bring in a new phone to catch up to what this thing does."

"I remember having this conversation about a company called Nokia," he added. "And then Motorola.. and BlackBerry... is that what Apple is?"

Shares of Apple were trading higher by nearly 2 percent Wednesday.