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Economics Ia

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Internal Assessment Economics

Article: Apple polishes forecast after selling 9 million new iPhones
Apple-polishes forecast after selling 9 million new iPhones
BY POORNIMA GUPTA AND JENNIFER SABA
Mon Sep 23, 2013 6:10pm EDT
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1 OF 4. Alejandro de Rosa (R) and Melisa Racineti of Buenos Aires, Argentina pose with their new Apple iPhone 5s phones with Apple employee Jay at the Apple Retail Store on Fifth Avenue in Manhattan, New York September 20, 2013. Apple Inc's newest smartphone models hit stores on Friday in many countries across the world, including Australia and China.
CREDIT: REUTERS/ADREES LATIF
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(Reuters) - Apple Inc sold 9 million new iPhones during their first three days in stores after China joined the list of launch countries for the first time, prompting the company to issue a rosier financial forecast.
Shares in the company closed up 5 percent at $490.64 on Monday after the company said revenue in the fiscal fourth quarter would gravitate towards the high end of its previous forecast for $34 billion to $37 billion.
Apple, which began selling the top-tier iPhone 5s and cheaper, multi-hued iPhone 5c on Friday, rarely adjusts its outlook in the middle of a quarter. Since CEO Tim Cook took the reins, however, the world's largest tech company has begun to court Wall Street more visibly.
The record sales and beefed-up forecast reinforced expectations of strong demand for Apple's latest gadgets. Phones based on Google Inc's Android software and made

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