Apple's TV is 'worse than cable,' and needs a purpose, shareholder says

Gerber: Apple needs to find direction with Apple TV

One Apple shareholder is not impressed with the company's original content ambitions.

"Apple TV is like off the radar now," said Ross Gerber, president and CEO of Gerber Kawasaki Wealth and Investment Management. "Using an Apple TV is actually worse than using cable used to be, and I thought the whole goal was to make it better. Really it's become just a Netflix portal. Apple absolutely needs to find direction with Apple TV and some sort of purpose."

Though Apple hasn't put a formal stake in the ground on as far as making more original programming, revolutionizing TV is an Apple ambition that dates back to co-founder Steve Jobs. But Gerber said he doesn't necessarily think Apple's found the right path.

Gerber told CNBC's "Closing Bell" that his Hollywood friends see Apple "poking around," but it doesn't make sense for Apple to pony up millions for creating content — something "they're not really that good at."

Bloomberg reported that Apple hired Timothy Twerdahl, the former head of Fire TV unit, this month. In the company's latest earnings call, CEO Tim Cook told investors that he hoped to double the Apple's software and services business, led in part by Apple Music subscriptions and original content.

"I don't know if original content is the solution," Gerber said. "I look at acquisitions at the solution, but they just seem like they're not willing to make one."

When asked on an earnings conference call, Cook said iPhone maker is "always looking at acquisitions" and that it has acquired 15 to 20 companies each year for the past four years, "and there's not a size that [Apple] would not do." It comes after Apple reportedly showed interest in Time Warner — which later agreed to be acquired by AT&T — but no signs of a deal ever materialized.

While some have argued that Apple should buy Netflix, Gerber said Apple "missed the boat."

Gerber's not alone: Tech and media investor Eric Jackson wrote on Wednesday that Apple "snoozed on Facebook, Instagram and Netflix when they were younger. Those opportunities are probably gone. They can't miss the next wave of potential companies they could buy."

Meanwhile, Gerber said that he's cut his stake in Apple's stock.

"We were really frustrated with the iPhone," Gerber said. "We don't see any path for growth for Apple in the future right now."

Apple nears new all-time intraday high