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Strong iPhone prices buoy Apple shares after muted revenue forecast

Apple forecast revenue of $60 billion to $62 billion and gross margins of between 38 percent and 38.5 percent for its fiscal first quarter ending in March. Bright spots in the fiscal first quarter ended Dec. 30 included average selling prices for the iPhone that topped Wall Street expectations, driven by demand for newer models like the iPhone X. Apple's shares, after initially falling, ticked up about 1 percent to $169.
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