Apple News Byte: Surge in IPhone Sales Rings Well With Apple Investors

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Apple News Byte: Surge in IPhone Sales Rings Well With Apple Investors

Apple News Byte: Surge in IPhone Sales Rings Well With Apple Investors
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Apple News Byte: Surge in IPhone Sales Rings Well With Apple Investors

by Wochit 1:03 mins

Apple shares opened about 5 percent higher after the technology company's third-quarter profit beat analysts' expectations due to stellar sales of its iPhones. Traders were concerned that Apple's quarter would be a disaster, and when it wasn't, shares jumped about 5% on the news. That said, the news wasn't all good. The big concerns in the quarter were Apple's overall sales, which were basically flat year over year, and a continued decline in Apple's profit margin. Apple's earnings weren't as bad as many were expecting..Apple earned $7.47 per share in the fiscal third quarter this year, which was above the $7.32 consensus estimate. That?s still well below what Apple earned last year, when it posted a net profit of $9.32 per share during its fiscal third quarter

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