The Presidential Daily Brief

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    Apple Posts Record Profit, But Shares Dip

    Thanks to higher iPhone prices and strong App Store sales, the company yesterday reported its fourth consecutive quarter of record revenue, which totaled $62.9 billion. But shares fell around 7 percent — briefly placing the company under $1 trillion valuation — at news that Apple would end its practice of reporting unit sales, an indicator watched closely by investors. Still, its services business, which includes Apple Pay, music subscriptions and app sales, rose 17 percent from last year, pushing closer to what CEO Tim Cook pledged would be a $50 billion business by 2020.

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