Apple's original retail head Ron Johnson urged investors to buy the company's stock on Wednesday, calling it a good long-term bet, and arguing that iPhone sales will revive during the next cycle.
"I can't imagine a better buy for your portfolio for the next decade," Johnson told CNBC. Now the CEO of tech vendor Enjoy, he said that he still owns Apple stock and is going "long" on the company.
The executive's remarks come amid deep investor concerns, given Apple's Jan. 2 announcement that December-quarter revenues would fall $5 billion short of guidance. CEO Tim Cook blamed the issue mostly on weak Chinese iPhone sales, but also on factors like "foreign exchange headwinds," "economic weakness in some emerging markets," and 2018 battery discounts meant to apologize for throttling iPhone performance without consent.
Earlier this month Cook revealed that about 11 million batteries were swapped during the repair program -- as much as 11 times what the company had planned for. Critics have pointed to his comments as evidence Apple depends on degrading batteries to keep up sales.
Johnson suggested that people who bought replacement batteries will be back once this year's new iPhones are released.
"Those 10 million didn't upgrade their phone," he said. "Next year, they'll be ready, right? Apple's a great buy."