NEW YORK (TheStreet) --Apple (AAPL) - Get Report reported better-than-expected fiscal 2016 fourth-quarter earnings results after the market close on Tuesday. In light of the results, Mark Asset Management founder Morris Mark says that the tech titan falls directly in line with his philosophy of investing.
Apple posted earnings of $1.67 per share, topping analysts' expectations of $1.66 per share. Revenue came in at $46.9 billion, in line with Wall Street's projections. However, Apple's revenue declined for the first time in 15 years during the fourth-quarter.
"We want to own great businesses. Great businesses that are going to build value at an above average rate and if we find them as this kind of valuation it makes it even more extraordinary," Morris said during Wednesday morning's "Squawk Alley" on CNBC. Additionally, Morris was pleased with Apple's services growth.
"The rate of growth in service revenue is phenomenal, the opportunity there is astounding, the demand for apps is accelerating. If you're just looking at that as an aspect of the business, it's a plus," he noted.
Moreover, he explained why Apple will continue to capitalize on the iPhone demand around the world.
"The phone is probably the single most important device that people have around the world. If they can get a better one, if they can afford a better one, they will get it. The iPhone 7 is a step-up in power, camera, and battery; add all those things up and that gives you strong demand," Morris said.
Shares of Apple were lower in mid-morning trading on Wednesday.
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Separately, TheStreet Ratings Team as a Buy with a ratings score of B+ on Apple stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL