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Cheaper iPhones offer hope on Apple earnings

NEW YORK -- Apple soared in after-hours stock trading on Tuesday, reflecting easing concerns over its earnings.

Apple logged falls in both sales and profit for the second consecutive quarter in the April-June period due to sluggish iPhone sales, according an earnings report released in the early evening of Tuesday Eastern Standard Time. Market players reacted favorably to the report, viewing the results as no worse than anticipated.

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