Jim Cramer: If Apple Isn't Innovative, No One Is
Apple sent the markets higher in early trading Wednesday after reporting strong earnings.
The iPhone maker reported second quarter revenue of $58.02 billion and earnings per share of $2.46 Apple offset a significant decline in iPhone revenues, which fell 17% to $31.05 billion with strong results in its services division.
Revenue from Apple Pay, iTunes and Apple Music grew 16% to a record $11.45 billion.
Jim Cramer weighed in on why he thinks Apple is still an innovative company despite what others think.
"Tim Cook is brilliant and not only did this is like the greatest innovation, the watch.
I just use this far more than I use my phone.
[I use the watch] on the set, [because] it doesn't go off like that.
The AirPods--I think that...Look down the street, everyone's got this white thing from their ear.
Why are these things not meaningful?" Cramer said.
"But even if we don't, they're going to 500 million subscription products.
What is the lifetime value of those subscriptions?
And the answer is far more than what the current stocks worth.
Remember when they stopped counting the hits and people say, oh well that's cause they, they are afraid and I don't want to show you the decline."