Top Stories
Top Stories

Apple analysts 'snookered' themselves, Cramer says

Tim Cook ‘played a good game,’ Cramer says

Jim Cramer said that Apple CEO Tim Cook "played real a good game" in the latest quarter.

Apple's stock surged 7 percent Wednesday after the company beat earnings and revenue estimates.

"The bottom line here is that the analysts thought that there was going to be a lot of price cutting because Apple couldn't sell its phones," Cramer said Wednesday on CNBC's "Squawk on the Street. " "(But) Apple sold through rather well, service revenue was pretty good. So I'm going to say [analysts] snookered themselves."

He also noted that many analysts are attributing Apple's spike in stock to low expectations.

"It looks like Apple didn't build enough inventory. They sold through this large-form factor fund, but they still made a lot of money," Cramer said.

Cramer also mentioned Apple's Chinese market.

"China is challenging. Hong Kong is challenging. China is a problem, China is just not that good," Cramer said. "I think that [Tim Cook] reiterated again and again that it's a great market, but India is going to surpass that market in 2020."