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Jim Cramer: The iPhone Is An 'Old Product'

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Jim Cramer: The iPhone Is An 'Old Product'

Apple Inc. (NASDAQ: AAPL) introduced the iPhone to the market for the first time 10 years ago. Needless to say, the iPhone has seen scores of upgrades over the years, but as CNBC's Jim Cramer said on Thursday, the iPhone is an "old product."

The CNBC host's remarks follow Peter Thiel's interview with the New York Times, in which he said the era of the smartphone is over.

"We know what a smartphone looks like and does," the billionaire investor and adviser to President-elect Donald Trump said in the interview. "It's not the fault of Tim Cook, but it's not an area where there will be any more innovation."

Cramer said during Thursday's "Squawk on the Street" segment that Apple is characterized as a "cell phone company," and even if it were to introduce a new business segment, such as an entrance into original television content reported on Thursday, then it will be viewed as a "cell phone company that also makes XYZ."

"I think that is always going to be the problem [for Apple] until you see a definitive revenue stream that comes from the Apple ecosystem," Cramer said.

Cramer continued that Apple's iPhone is a decade old, and that is a very long run for any product, especially one the public still cares about.

Posted-In: CNBC CNBC Donald Trump iPhone Jim CramerTech Media General Best of Benzinga

 

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