Once bitten, Apple to lower iPhone prices

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Once bitten, Apple to lower iPhone prices
The last time iPhone prices were cut was in 2007, shortly after the original was launched.

Dubai - Apple has been hurt by a resurgent US dollar, which makes products sold overseas pricier.

By Alvin R. Cabral

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Published: Wed 30 Jan 2019, 6:00 PM

Last updated: Wed 30 Jan 2019, 9:48 PM

Following a rather high-stakes first-quarter earnings report, Apple CEO Tim Cook dropped the news everyone would love to hear: they're cutting back the prices of the iPhone.
However, the question of whether you'll be able to immediately benefit from that will depend where you are.
During the conference call with media for its financial statement report in its latest three-month fiscal period, Cook revealed that Apple will be slashing prices for its flagship smartphone - only the second time it would do so in the device's 12-year existence.
"We've decided to go back to [iPhone prices] more commensurate with what our local prices were a year ago, in hopes of helping the sales in those areas," Cook was quoted by Reuters in an interview.
Apple, like other companies around the world, has been hurt by a resurgent US dollar, which makes products sold overseas pricier.
The effects are well felt particularly in China, a big and critical market for the tech giant. The trade spat between Washington and Beijing only made things worse.
No list of countries nor a time frame for the price-cut implementation was announced.
In the case of the UAE, it seems unlikely that there will be lower prices for iPhones; the dirham is pegged to the greenback, effectively shielding it from volatility in foreign exchange markets.
An alternative: customers could buy iPhones in markets where eventually prices will be slashed.
Apple disclosed that iPhone sales and revenue dropped, though this was expected following its revenue revision earlier this month.

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