apple AAPL is offering discounts on new iPhones in China for the first time in years, amid growing concerns about weak demand due to new competition and economic downturn in China.
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The Dow Jones technology giant will cut retail prices by 500 yuan ($70) and offer a 5% discount on select iPhones, according to Apple’s China website. The promotion will run from January 18th to 21st ahead of the Lunar New Year in February.
Apple often offers discounts on various products for the Lunar New Year, but it hasn’t discounted new iPhones in years.
Discounts on select Apple gadgets are up to RMB 800.
Chinese e-commerce sites such as Pinduoduo PDD Holdings (PDD) has discounted iPhone 15 models by up to 16%, Reuters reported.
Multiple analysts have already downgraded Apple stock this year, many focusing on concerns over China’s iPhone. Jeffries estimated that Apple iPhone sales in China fell 30% in the first week of 2024.
In August last year, Chinese technology giant Huawei announced a new advanced mobile phone, the Mate 60 Pro, which increased the number of orders. Meanwhile, many Chinese government agencies and state-owned enterprises have banned the use of Apple iPhones and other foreign-made mobile phones in the workplace.
The slump in the Chinese economy is also behind this.
apple watch
Apple plans to remove blood oxygen functionality from Series 9 and Ultra 2 watches in light of patent dispute with the US. Masimo (Better). This means that high-end Apple Watch models will remain on the market.
apple stocks
Apple stock rose 2.6% last week to 185.92, but is still down 3.4% in January.In danger of losing its market capitalization crown to fellow Dow Jones giants microsoft (MSFT) First time since late 2021.
AAPL stock, which was valued at over $3 trillion in December, is now valued at $2.892 trillion. MSFT stock rose to $2.887 trillion. Microsoft rose 3.3% in 2024, hitting an all-time high.
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