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After digging into Apple's blowout numbers, the company is not doing as well as Wall Street first thought, an analyst told CNBC on Thursday.
“The stock was up because the quarter was less worse than investors were expecting,” said Michael Abramsky, RBC Capital Markets. “At a closer look at the numbers, there are continued signs of cracks in Apple’s growth related to the economy and with Steve Jobs’ departure.”
Although Apple [AAPL
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] remains a great growth story, he told CNBC’s Becky Quick, the stock would under-perform over time.
Meanwhile, David Garrity of GVA Research said Jobs’ departure wouldn’t necessarily hurt Apple.
More Earnings Analysis On CNBC.com:
“The bottom-line is there’s a roadmap here and we’re driving down it,” he said. “Jobs will hopefully come back as chairman; I don’t think he will come back as CEO.”
Despite uncertainty over Jobs' return to the company, both analysts remained bullish on Apple's core offering. “It’s still a great company with cash and great products,” said Michael Abramsky, RBC Capital Markets.
More Technology News On CNBC.com:
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- TiVo Reports Quarterly Loss but Matches Forecasts
TiVo announced a quarterly loss that matched analysts' forecasts, but its sales topped expectations.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
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Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
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Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
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