Sales of iPhones keep investors happy as Apple profit dips

Apple's shares rose 4% in after-hours trading Tuesday after a quarterly earnings report showed reduced iPad sales, lower gross profit margins and flat revenue -- but a 20% year-over-year increase in iPhone sales. Its $35.3 billion in revenue for the quarter beat market expectations even as its gross profit margin dropped from 42.8% to 36.9%. Analysts are waiting to see how Apple handles a cooling Chinese market, where its device sales are down 4%.

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