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The Boston Globe

Business

Apple’s earnings fall as rivals undercut pricing

SAN FRANCISCO — Apple’s sales of older, less expensive iPhones climbed in its latest quarter, highlighting the challenges facing the world’s most valuable technology company as it tries to reverse a recent decline in its earnings and prove that it can still innovate.

The results announced Tuesday topped the projections of analysts who steer the way investors tend to react to financial reports. That helped lift Apple Inc. stock by $16.39, or nearly 4 percent, to $435.38 in extended trading after the numbers came out. The shares still remain down more than 35 percent since the latest model of the iPhone came out 10 months ago.

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