iPhone Discount? Apple Rare Move Means Nearly $100 For China Buyers With An Alibaba Connect

  • Apple Inc AAPL launched a rare retail promotion in China, Bloomberg reports.
  • Apple's move involved four days of discounts on its top-tier iPhones and related accessories in advance of the launch of its next-generation devices.
  • Apple has traditionally kept iPhone prices intact between generations.
  • Also Read: Morgan Stanley Reasons Why It Sees Apple Reaching $3T Valuation
  • Apple braced to strike up to 600 yuan ($89) off the price of its top-line iPhone 13 Pro series between July 29 and August 1.
  • However, buyers must use several payment platforms, like Alibaba Group Holding Limited's BABA Ant Group Co's Alipay.
  • Certain AirPods and Apple Watch models are also part of the promotion.
  • The discounts coincided with China's economy attempting to bounce back from major Covid-19 lockdowns in business hubs Shanghai and Beijing, which have hurt sales of leading domestic smartphone brands. 
  • Contrastingly Apple clocked healthy growth in China shipments in June. However, the discounts suggest even it has surplus inventory heading into the latter half of the year.
  • Weakening consumer demand, inflation, and supply chain issues triggered a 9% fall in global smartphone shipments in Q2, severely hurting the Chinese companies.
  • Bernstein increased its Q3 estimates on Apple citing better-than-expected supply availability in the quarter and healthy Chinese demand.
  • Price Action: AAPL shares traded higher by 0.45% at $154.79 in the premarket on the last check Monday.
  • Photo by howard bouchevereau via Unsplash
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