Why Jim Cramer Thinks It's A Good Time To Buy Apple

Apple Inc AAPL is trading lower Wednesday on chip shortage concerns despite announcing better-than-expected financial results.

The chip shortage could come to an end by the end of the third quarter and people will be left wondering why they sold Apple's stock, Jim Cramer said Wednesday on CNBC.

It's a good time to buy stock in Apple, Cramer said. He said he spoke with Apple CEO Tim Cook and CNBC's Josh Lipton following the earnings release and they were "as bullish as I've heard."

The wearables revenue from Apple is accelerating. There are people wearing Apple watches that normally wouldn't even think to wear a watch, Cramer said.

The customer loyalty at Apple is so great that even if the chip shortage delays iPhone purchases, the company won't lose its loyal customers, he said.

Related Link: Apple Expects Chip Shortage's Toll On iPhone Production To Worsen In Current Quarter

Co-host David Faber added that "when you have customers who are willing to wait three hours to actually spend $800 on your phone then you are in a pretty good place."

"That's my point," Cramer responded.

Price Action: Apple has traded as high as $150 and as low as $93.24 over a 52-week period.

At last check Wednesday, the stock was down 1.36% at $144.78.

Photo: courtesy of Apple.