Apple

iPhone Sales Beat Estimates, Apple Stock Rises

Even as profit's down

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Sales of Apple Inc's iPhone trumped Wall Street estimates after U.S. shipments soared 51 percent in the third quarter, lifting its stock 5 percent even as profit fell.

The world's largest technology company said Tuesday that profit fell 22 percent as gross margins slid below 37 percent from more than 42 percent in the year-ago quarter.