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Apple profit dips as iPhone sales rebound

Apple's results show strong demand for Apple's iPhone 7 models launched last year, with demand outpacing supply

Apple on Tuesday reported that its profit for the past quarter slipped 2.6 percent to $17.9 billion even as iPhone sales jumped to a new high.

Revenue in the quarter climbed to an all-time record $78.4 billion compared with $75.9 billion in the same period a year earlier, the company said in its earnings update for the fiscal first quarter.