Apple tops estimates due to iPhone demand

Apple Inc. reported revenue and profit that beat analysts’ estimates and projected continued sales momentum, calming concern about demand for the iPhone, its most-important product.

The Cupertino, California-based company also raised its dividend, unveiled a new $100 billion share buyback and said services sales jumped 31 percent.

Apple shares rose 3 percent in extended trading, after closing at $169.10 in New York on Tuesday. The stock had fallen in recent weeks on concern about demand for the flagship iPhone X. Apple suppliers also climbed following the results.

Apple revenue rose 16 percent to $61.1 billion in the fiscal second quarter. That was the fastest growth in more than two years. Profit came in at $2.73 a share, the company said Tuesday in a statement. Analysts expected sales of $60.9 billion and earnings per share of $2.64, according to data compiled by Bloomberg.

Fiscal third-quarter revenue will be $51.5 billion to

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