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We lose money on repairs, sobs penniless Apple, even though we charge y'all a fortune

Annihilator

Not necessarily - trade-ins also form part of it.

However the refurbishment usually involves stripping back to the component level, testing the heck out of each component individually, ditching the duff elements, and putting all the good ones back together again in a cannibalistic fashion. Not quite the same as "just swap the batter/screen over" approach.

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