Following reports that several of the largest third-party sellers of Apple products in China had cut prices for the latest batch of iPhones, as well as other Apple products, it appears the consumer tech giant has finally acquiesced to slowing sales momentum in one of its largest growth markets, and decided to cut prices on its official marketplace.
CNBC reports that Apple has cut prices by as much as 6% for several of its most important products on its official Chinese online store. iPhones, iPads, laptops and AirPods have been affected by the cuts.
The company’s flagship iPhone models have been impacted:
- Cheaper iPhone XR model now costs 6199 yuan, 4.6% lower than March 29
- High-end iPhone XS and XS Max models each reduced by 500 yuan
The cuts are hardly a surprise: CEO Tim Cook said back in January that the notoriously discount-resistant Apple would lower prices for some of its products in markets that had been impacted by a strengthening dollar. The Chinese yuan has weakened against the dollar over the past year as the US-China trade war has taken its toll on the exchange-rate.
Apple shares didn’t react to initial reports of the cuts, but started moving lower Monday morning after the headline hit Bloomberg.
via ZeroHedge News https://ift.tt/2uF2qtO Tyler Durden