Tim Cook finally bows to pressure, set to lower iPhone prices

Tim Cook finally bows to pressure, set to lower iPhone prices

Just a few weeks after I wrote this article on why Apple should lower the prices of the iPhone. Apple finally listened to us and bowed to pressure. They’ve finally agreed to lower prices of the iPhone in countries where the local currencies are very weak compared to the Dollar. In a bid to boost sales Apple boss Tim Cook hinted that the tech giant will lower prices of their phones in selected markets.

However, Apple has been hit with several controversies recently and has suffered a decline in sales. On Tuesday as Apple announced iPhone revenue of $51.9 billion. This is the lowest the company has generated in 15 years. Tim cook told Reuters that the strong dollar has made the iPhone too expensive in many countries.

SEE ALSO: 4 major reasons why Apple must slash the prices of the iPhone now

Although he didn’t make any comment with regards to the new pricing, the price slash will be significant. In a statement, he said, “As we’ve gotten into January and assessed the macroeconomic condition in some of those markets, we’ve decided to go back to more commensurate with what our local prices were a year ago in hopes of helping the sales in those areas.”

Tim Cook

The CEO blamed a poor economy especially in China for the decline in sales. He also blamed the fact that iPhone users “took advantage of significantly reduced pricing for iPhone battery replacements.” This factor caused customers not to upgrade to newer models of the iPhone.

However, he failed to mention strong competition from Huawei which sold over 200 million phones last year. This figure made Huawei the second largest smartphone maker behind Samsung. Apple smartphones may not be doing too well right now but other Apple products are doing great.  App Store and Apple Music reached an all-time high of $10.9 billion.

Consequently, it will be nice to see Apple slash the prices of it’s iPhone significantly to boost sales. Their iPhone is too expensive and it’s becoming a huge turnoff.

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