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Apple's stock races ahead as investors bet on new iPhones

They hope the phones will prompt a big wave of new purchases
Tuesday, May 2, 2017 - 05:50

In recent years, as US phone carriers have stopped subsidising the purchase of new phones, consumers have been holding on to their old smartphones longer than the typical two-year upgrade cycle.

San Francisco

A YEAR ago, many investors had given up on Apple, whose stock price had fallen more than 30 per cent from its 2015 peak. Apple's once-unstoppable growth had come to a crashing halt: The number of iPhones sold was down 13 per cent, and the company posted its first revenue

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