(CNBC): Apple has to become more than just a smartphone company if it hopes to succeed in the long term, CNBC’s Jim Cramer said Thursday.
Cramer said the tech Giant will need to develop more revenue streams, considering its iconic device, the iPhone, is a decade old.
“The iPhones are 10 years old and that’s a long time. That’s a very long time for a product that we still care about, right? Most products 10 years ago we don’t use anymore,” he said on “Squawk on the Street.”
Cramer was responding to comments by Silicon Valley investor and Donald Trump transition team member Peter Thiel in a Q&A with The New York Times. When asked if “the age of Apple is over,” Thiel confirmed.
“We know what a smartphone looks like and does. It’s not the fault of Tim Cook, but it’s not an area where there will be any more innovation,” Thiel told the Times.
Apple has recently seen a fall in its iPhone sales. On Thursday, The Wall Street Journal reported the company is planning to build a significant new business in original TV and movies.
Disclosure: Jim Cramer’s charitable trust owns shares of Apple.
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