A day after Apple posted profits that beat expectations, sending shares higher in midday trading, technology investor Roger McNamee on Wednesday threw cold water on the iPhone and iPad maker.
To McNamee, a managing director and co-founder of venture capital firm Elevation Partners, the tech giant currently faces two main challenges.
The refresh cycle for its tablet offering, for example, is very weak, he said on "Squawk Alley."
"An iPad is not a product you upgrade every year. I still have all three of the iPads that I bought. I still use them all and that's a value from a consumer point of view," he said. "But clearly, [in] the phone market, they break very frequently so the upgrades of people who already have them come much more regularly."