Investing

Cramer says it's 'stupid and dumb as wood' to think Apple and CEO Tim Cook aren't innovating

Key Points
  • CNBC's Jim Cramer praised Apple CEO Tim Cook, criticizing the notion that the tech giant's "best times are behind them."
  • Cramer said that is "stupid and dumb as wood."
  • The success of the new iPhone 11 is proof that Cook and Apple are still making desirable products, Cramer contended.
VIDEO1:5101:51
Jim Cramer: The idea that Apple's best times are behind it is 'stupid and as dumb as wood'

CNBC's Jim Cramer praised Apple CEO Tim Cook on Wednesday, criticizing the notion that the tech giant's "best times are behind them."

On "Squawk on the Street," he said the success of the iPhone 11, a major factor in Apple's strong earnings report, was proof that Cook and Apple are still making desirable products.

"No one thought the phone was going to be the driver, because no one thought there was anything new about the 11; because everyone thinks that Tim Cook has never come up with anything that is really special," Cramer said. "The idea that the company's best times are behind them is stupid and dumb as wood."

After the bell on Tuesday, Apple reported fiscal first-quarter earnings that beat Wall Street expectations on the top and bottom lines. The company's shares rose more than 2% for the day, setting a new record high during the session.

Strong iPhone sales were a big reason for that beat. The company reported iPhone revenue of $55.96 billion, topping an estimate of $51.62 billion, according to Refinitiv.

Cook told Cramer and CNBC tech reporter Josh Lipton on Tuesday that the iPhone 11's popularity was due to several features that appealed to consumers.

"People love the battery life. They love the camera. They love the industrial design. The battery lasts all day," Cook said.