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Apple shares drop late after rare earnings miss; iPhone sales come in lower than expected

SAN FRANCISCO (MarketWatch)
Apple Inc. reported a 54% gain in net income for its fourth fiscal quarter on Tuesday afternoon, though the company managed to miss Wall Street's estimates for the period thanks mostly to lower-than-expected sales of the iPhone.
For the quarter ended Sept. 24, Apple reported net income of $6.62 billion, or $7.05 per share, compared to net income of $4.31 billion, or $4.64 per share, for the same period the previous year. Revenue jumped 39% to $28.27 billion.
Analysts had been expecting earnings of $7.38 per share on revenue of $29.7 billion, according to consensus forecasts from Thomson Reuters.

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