Apple's biggest mistake under CEO Tim Cook has been not acquiring Netflix, a strategist told CNBC on Friday.
Speaking to CNBC's "Squawk Box Europe," Daniel Ives, managing director of equity research at Wedbush, said Apple was currently facing its "darkest chapter" since the iPhone era.
"(But) we're bullish on Apple's services," he said. "The next few quarters will be an uphill battle, but we're predicting a trillion-dollar market cap for Apple in 2019."
In order to move into a new growth phase, Apple would have to invest in its services offering, Ives added.
"You need content, you need fuel in that engine. They're lacking original content and lacking video content, which is why we believe they'll buy a large film studio in 2019," he told CNBC. "We've talked about potentially Sony, Lionsgate, A24 – a CBS or Viacom is potentially still on the table as well as a Netflix, as that's the key to drive the services business."
"In my opinion, the biggest strategic mistake Apple has made since Cook took over is not buying Netflix," Ives added. "That was the deal that they needed to do because it comes down to content."