Apple CEO Tim Cook says that the tech giant plans to lower iPhone pricing in specific regions, according to a recent interview with Reuters.
To be clear, Cook doesn’t go into specifics. As a result, it’s unknown if the cost of the iPhone XS, iPhone XS Max and iPhone XR will be adjusted in the Canadian market. That said, back in early January, Apple revealed that the company experienced record iPhone activations in the U.S. and Canada on Christmas Day.
“When you look at foreign currencies and then particularly those markets that weakened over the last year those [iPhone price] increases were obviously more,” said Cook in an interview with Reuters.
“And so 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.”
Apple’s Q1 2019 financial results reveal that the company’s overall revenue fell to $84.3 billion USD ($111 billion CAD), a decline of roughly five percent when compared to the same period last year where the company pulled in $88.3 billion USD ($117 billion CAD).
Regarding iPhone sales, Apple earned $52 billion USD ($69 million CAD) in revenue in Q1 2019 compared to $61.1 billion ($81 billion CAD) in Q1 2018.
Given that the iPhone XS starts at $1,379 CAD and the iPhone XS Max is priced at $1,519 CAD, compared to $999 USD and $1,099 USD respectively, there’s certainly room for an iPhone price cut in Canada.
Even the entry-level iPhone XR, on the other hand, starts at $1,029 CAD, with the U.S. cost coming in at $749 USD.
Source: Reuters
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