Business News

Apple can rebound in China and India, one shareholder says

Ware on Apple: Expect decent cycle next 3 to 4 quarters
VIDEO5:1705:17
Ware on Apple: Expect decent cycle next 3 to 4 quarters

Apple still has a chance for growth in developing countries despite sagging sales in China, one company watcher said Wednesday.

The tech behemoth posted quarterly earnings Tuesday that topped analysts' estimates. But it saw an annual year-over-year revenue decline for the first time in 15 years.

Apple also saw another weak quarter in China as revenue fell 30 percent from the year-ago quarter. But the tech giant can still make up ground in developing countries, Albion Financial Chief Investment Officer Jason Ware told CNBC's "Power Lunch."

The Apple shareholder said "things could turn around" in China even though Apple is still "reliant on the iPhone." He said there is still a big global market just for the smartphone.

"There are 1.4 billion people in India so yes ... the majority of people at the present cannot afford that [iPhone], but there's still some low hanging fruit and some pretty solid rates of growth that we expect out of Apple in that market. China is another one," he said.

If Apple has a strategy to reach markets where consumers cannot afford an iPhone priced above $700, Ware thinks the company may have "to address pricing and maybe prices have to come down."