NEW YORK (TheStreet) -- Euphoria built around the new iPhone's sales and the Apple Watch did little to bolster Apple's (AAPL) - Get Apple Inc. (AAPL) Report share price after third-quarter results sent the stock down high single digits. The company is currently trading $10 (or nearly 8%) off its July 20 high. 

The decline in Apple's share price in after-hours trading despite was driven by the euphoria built around the new iPhone sales and an expected push from Apple Watch. 

While the company sold 47.5 million iPhones during the quarter, ahead of the 47.2 million estimate, the rumors had the numbers closer to 50 million. The only real blemish in the report card was the fourth quarter revenue guidance of $49-to-$51 billion, marginally below estimates of $51.05 billion.

Here are three reasons to be bullish about Apple: 

1. Third quarter results do not adequately capture the momentum seen in iPhone 6 and 6 Plus.

The company specified that only 27% of the iPhone base had switched over to iPhone 6, which leaves a lot of space for the newer version to grow into. The growth momentum for Apple is likely to continue for the four following reasons:

1. Existing iPhone users and Google (GOOG) - Get Alphabet Inc. Class C Report (GOOGL) - Get Alphabet Inc. Class A Report Android users will switch to iPhone 6/6 Plus.
2. Shipments for Apple Watch will pick up. 
3. Infotainment revenue from Apple Music will stay strong.
4. Launch of newer products towards the start of the next fall season will get people excited about Apple again.

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2. China a key market.

China will be a key market for the above factors to play out in favor of the company. The market grew over 100% in the third quarter and we believe should likely sustain this growth in the near-term.

Recent trips to Shanghai also corroborate this view. We witnessed significant footfalls in Apple stores and a visible interest in iPhone 6 and Apple Watch.

3. Long-term investors could use the knee-jerk share price reaction.

The stock has gained over 40% year-over-year and 20% year-to-date and long-term investors should view this knee-jerk reaction to the results as a possible buying opportunity.

This article has been co-written with Avinash G SinghSenior Manager - Investment Research at Aranca

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.