A pair of bullish Apple analysts each focused on the bright spots in a third-quarter earnings report that showed mixed results for the tech giant.
Apple reported better-than-expected earnings Tuesday, beating Wall Street estimates of $1.23 per share by 5 cents. The company fell short on revenues and also provided lighter-than-anticipated fourth-quarter revenue guidance.
On CNBC's "Fast Money," Piper Jaffray Managing Director Gene Munster said that the key metric he was focused on was gross margins. Ahead of last year's September quarter, Munster said that investors were "petrified that gross margin was going to perpetually decline." This quarter, he said, those fears were largely relieved.
"What's ended up happening is they ended up beating it … it's going to give investors some confidence over the next few quarters," he said.
Munster also said there's still plenty of room to grow in China, even as Apple reported that iPhone sales had risen nearly 50 percent in the third quarter. "We're still just scratching the surface (in China)," he said.