Apple have announced that the prices of iPhones will be reduced, this is the second time that this will happen in the company’s history 12 years, the price will be pegged at its retail value to past prices in local currencies outside the United States instead of the rising US dollar.
The move is an attempt to boost the sales of the iPhone, particularly in overseas markets such as China, where a 10pc rise in the US dollar over the past year or so has made Apple’s products – which already compete at the top end of the market – much pricier than rivals.
Apple Chief Executive Tim Cook disclosed the plan on Tuesday after the company reported the first-ever dip in iPhone sales during the key holiday shopping period. The company has only once before cut iPhone prices, shortly after it debuted in 2007.
Apple did not say in which countries it would adjust iPhone prices. Resellers in China already began cutting iPhone prices earlier this month after Apple lowered its sales forecast for the quarter ended in December.
The company priced its new iPhone XS, which was released in September, at $999, the same price in US dollars as its predecessor, 2017’s iPhone X.