iPhone prices to be liked to local currencies rather than US dollars
Apple is to cut the price of its flagship iPhone models in some international markets in a bid to boost sales.
iPhone revenue is down 15 per cent year-on-year to $51.9 billion thanks to lower-than-expected sales over the usually buoyant Christmas period.
A few weeks ago, the company took the unusual step of updating its earning guidance just a few weeks ago, warning that revenues would be lower than expected.
In a letter to investors CEO Tim Cook blamed slowing sales in China, where market saturation and economic slowdown are two significant challenges. Chinese consumers are extremely price-conscious and there is little brand loyalty. This means that competitively priced, feature-packed phones have caused problems for the iPhone which has become more expensive over time.
