Did “Chinese iPhones” Just Get Cheaper?
Apple (AAPL) slashed the prices of several of the products sold on its official Chinese online store on Monday – and it wasn’t an April Fools’ Day prank. The tech giant lowered its prices on some of its biggest sellers like the iPhone, the iPad, AirPods, and Mac computers by up to 6%. An iPhone XS would cost you 500RMB less on Monday than it did on Friday if you were shopping online in China while the price of an iPhone XR would have been slashed 4.6% over the weekend. The decision isn’t a complete surprise as third-party websites selling Apple products had already lowered prices earlier this year. The company’s decision to cut prices comes amid lagging iPhone sales in greater China (which includes Hong Kong and Taiwan. This slump in demand has hit Apple hard and it was one of the major factors leading the company to adjust its guidance in January before it released its earnings report. It said the poor performance had cost them as much as $5 billion to $9 billion in missed revenue. Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives. Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!