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Apple's falling iPhone sales don't bother Wall Street so long as margins, buybacks are increasing
Apple shares jumped after the company's earnings report on Thursday even though iPhone sales dropped more than expected.
Apple's gross margin expanded to 46.6%, continuing an upward trajectory that reflects the company's growing services business, which brings with it stout profits. Apple revealed earlier this year that it has 2.2 billion active devices, illustrating the mammoth reach of its customer base as the company rolls out new subscription services. But the stock jumped in extended trading after the report, as Wall Street cheered expanding profit margins and a bigger buyback program.
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