Hedge fund manager Dan Niles said Apple's stock is valued too highly because it is too reliant on iPhone sales.
Niles, the founding partner of AlphaOne Capital Partners, said on CNBC's "" said the company's results in its services and other products segments didn't support the stock price.The tech giant reported $4.99 in earnings per share and $91.82 billion in revenue for its second quarter. Analysts expected $4.55 in earnings per share and $88.50 in revenue, according to Refinitiv. Sales of iPhones generated $55.96 billion in revenue for the quarter, topping expectations of $51.
Apple did see soft results in its services segment, posting $12.7 billion in revenue against an estimate of $13.07 billion, according to Refinitiv. Analysts often cite services and wearables as reasons to be bullish on the company, as those segments are seen as potentially more profitable than iPhone sales and as a way to improve sales growth.
Tom Forte of D.A. Davidson said earlier on the show that the upcoming 5G iPhone could continue to drive the stock higher this year.
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