San Francisco — Apple’s results confirmed that, while the days of double-digit smartphone industry growth are over, CEO Tim Cook has a plan to withstand the slowdown. The shares gained in late trading on Tuesday after the company reported iPhone sales in line with analysts’ expectations, gave a bullish revenue forecast and highlighted a surging services business. A new $100bn stock repurchase plan and a higher dividend also helped. The numbers show that Cook’s strategy of selling a growing array of services through a base of more than 1.3-billion Apple devices is working. Shipments in the smartphone sector have fallen 2% in the past year, according to Strategy Analytics, so the company has to evolve beyond its reliance on a device that still accounts for more than 60% of revenue. "Slowly but surely, [Apple] is morphing into more than just an iPhone story and is displaying ability to sustain revenue growth irrespective of iPhone trajectory," Amit Daryanani, an analyst at RBC Capital ...

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