Reuters: Hot Stocks: UPDATE 1-Strong iPhone sales buoy Apple's Q3, shares climb

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UPDATE 1-Strong iPhone sales buoy Apple's Q3, shares climb Jul 23rd 2013, 20:50 Tue Jul 23, 2013 4:50pm EDT SAN FRANCISCO, July 23 (Reuters) - Apple Inc's quarterly revenue and earnings beat Wall Street's targets on surprisingly strong sales of its flagship iPhone, sending its shares up 4 percent. But profit slid 22 percent in its fiscal third quarter as margins were pressured by growing competition and a wider array of lower-end devices such as older smartphones. Apple earned $6.9 billion, or $7.47 a share, on revenue of $35.3 billion. That compared with a profit of $8.8 billion, or $9.32 a share, on revenue of about $35 billion in the year-ago quarter. Wall Street's average forecast was for revenue of $35.02 billion and earnings per share of $7.32, according to Thomson Reuters I/B/E/S. (Reporting by Poornima Gupta; Editing by Richard Chang)

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