Apple slashes iPhone prices in China to drive demand after dip in quarterly revenue
Apple
Days after announcing its revenue had fallen for the first time in the quarter gone by, Apple slashed the prices of its iPhone 14 models by up to $125 in China.
Apple has taken the call to cut prices to drive the demand and resuscitate one of its most profitable markets. Business houses have reported a seven per cent drop in sales of Apple products in China due to the harsh COVID-19 regulations.
Moreover, China's domestic smartphone sales plummeted below 300 million for the first time in a decade. The sales figure stood at 285.8 million at the end of 2022, which was a drop of 13.2 per cent compared to 2021.
WATCH | US: Senator Michael Bennet writes letter to Alphabet and Apple heads
)
Trump administration refunds $100 billion in tariffs after Supreme Court ruling
)
The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS
)
American blogger Perez Hilton, covered in blood, cuts himself during livestream, hospitalized after distressing incident
)
'I was almost trafficked in Paris,' says Australian woman, shares terrifying ordeal - 'I am on the black market'
)
India avoids higher US tariff, secures lower 10% rate. Here's how
&im=FitAndFill=(700,400))
Pradeep Rawat died at 74: Revisit the unforgettable roles that defined his career
)
'Affront to our sovereignty': Bangladesh slams India over Sheikh Hasina's Delhi press conference
)
Ceaser Gastelum killed during TikTok livestream: What was his last recording?
)
Mark Zuckerberg apologises to Indian government over harmful content, platform errors amid PM video row
)
Sajeeb Wazed raises Indian security concerns, calls Bangladesh a 'failed state'
&im=FitAndFill=(700,400))
Who is Shreya Kalra? Meet the social media star who lifted the Lock Upp 2 trophy
)
The genetic roots of Tamils: 75,000 DNA markers decoded in latest study of Sangam-era settlement
&im=FitAndFill=(700,400))
Why are iPhones so expensive compared to Android phones?
)
Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'
)
'Dhoni Made Fleming Great': Panesar says ECB made the wrong choice for England Test coach
)
Childhood home of Neil Armstrong up for sale | Gravitas
)
Ex top Pakistan official blames economic woes on China: Here's how CPEC became a failure
)
‘Pakistan called for ceasefire, we kept them waiting’: Ex-CDS Anil Chauhan recalls Operation Sindoor
)
Munir-protege Mohsin Naqvi’s claim of unearthing huge scam triggers tremors in Pakistan’s power corridors
)
Pentagon draws up new nuclear strategy in the event of war with Russia and China
)
What’s happening in Nepal? How did a local clash turn into communal violence? WION Decodes
)
Scientists find descendants of ancient sea creatures trapped under Antarctica's Blood Falls
)
Venezuela’s oil exports to India surge, restoring its role as a key energy supplier
)
Strait of Hormuz deal with Oman being ‘finalised’: Iran’s foreign ministry
)
CJP's Saurav Das alleges YouTubers broke into his house, seeks Delhi Police action
)
$1.3 trillion vanished from chip stocks in days and demand never fell
&im=FitAndFill=(700,400))
Why Russian tanks are much lighter compared to US tanks
&im=FitAndFill=(700,400))
Lock Upp season 2: Most dramatic and viral moments that kept fans hooked
)
Nvidia just put $5 billion into a company that has never shipped a product
)
'World's most beautiful village' with only 627 people generated Rs 58 lakh in traffic fines in 2025
&im=FitAndFill=(700,400))
New OTT releases this week (August 3-9, 2026): Main Vaapas Aaunga, Uyir, Operation Safed Sagar- 6 titles coming on Netflix, Prime Video and more
)
Donald Trump calls Abdul El-Sayed a 'communist loser', seeks FBI probe into Michigan primary
)
Did military GPS jamming cause a plane to crash in New Mexico? Here's what a report says
)
Ghajini villain Pradeep Rawat passes away at 74 after battle with cancer
According to a South China Morning Post (SCMP) report, online sellers on JD.com - China's second largest e-commerce platform have shown a markdown of $117 (800 yuan) for the top-tier iPhone 14 Pro and Pro Max models. An additional $7 (50 yuan) is being slashed if the buyer becomes a member of the online store.
As soon as the discounted iPhones went on sale, they were sold out in the Shenzhen outlets of Apple and its resellers.
Read more: First generation iPhone likely to be auctioned off for a whopping $50,000
Last week, Apple released its balance sheets where it reported $117 billion in revenue for the quarter ending December which was a five per cent drop from a year earlier. Meanwhile, the profits tumbled to $30 billion, down 13.4 per cent.
Apple CEO Tim Cook reflected on the drop in revenue and attributed it to the challenging environment posed by the pandemic.
“Covid-19 challenges significantly impacted the supply of iPhone 14 Pro and iPhone 14 Pro Max and lasted through most of December,” said Cook.
Read more: Is Apple going back on its word? Touchscreen for Macs as early as 2025
Taiwanese giant Foxconn, which runs the biggest iPhone factory inZhengzhou had to endure a harrowing period in October last year when tens of thousands of workers left the factory following draconian COVID-19 policies of the administration.
The mass exodus halted the production supply and to this date, Apple has been attempting to bring the factory on par with the pre-exodus numbers.
(With inputs from agencies)
WATCH WION LIVE HERE: