Apple could be ‘obsolete’ in 3 years: Analyst

Apple could be “obsolete” in three years, due to increasing competition and “make-believe” valuations in the technology sector, one analyst told CNBC on Thursday.

The comments came after Apple reported second-quarter net profit of $7.75 billion on Tuesday, up 12 percent from $6.90 billion in the same period last year.

Quarterly revenue came in at $37.4 billion. For the third quarter of this year, the technology giant forecast it would post revenue of between $37 and $40 billion.

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