China retailers slash iPhone prices after Apple sales warning - News Summed Up

China retailers slash iPhone prices after Apple sales warning


Creative Commons image via Pexels - iphone and laptopSHANGHAI- 11 January 2019:Several Chinese electronics retailers including Alibaba-backed Suning (002024.SZ) and JD.com (JD.O) have slashed iPhone prices this week, after Apple (AAPL.O) recently blamed poor sales of the smartphone in the country for a rare revenue warning.The discounting, as steep as $118 for the recently launched 64GB iPhone XR, is the latest sign that Apple’s weak holiday sales in China may have extended to the current quarter.The price cuts on iPhones by Chinese retailers began in the middle of this week, with at least six offering promotions this weekend, according to checks done by Reuters.Apple did not respond to requests for comment. Prices for iPhones sold through its Chinese website remained unchanged.Such widespread price cuts are not uncommon around shopping festivals like Single’s Day in November, but these cuts stand out as they affect Apple’s latest XS and XR models that were released only months ago, said Mo Jia, a Canalys analyst who tracks China’s smartphone industry.Jia believes Apple itself could have lowered prices of the phones it ships to distributors, or that distributors may have slashed rates in order to move more units.“It’s possible Apple wants to test the market’s feedback if it brings down the channel prices. It is also selling the 64GB version of the iPhone 8 for 3,899 yuan, a 1,200 yuan discount.JD.com, a major online seller of consumer electronics, is offering promotions on models going back to the 8 series. Domestic Chinese brands, meanwhile, have won over local consumers with a wide range of devices at competitive price points. ($1 = 6.7533 Chinese yuan)


Source: Egypt Today January 11, 2019 16:41 UTC



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