China retailers slash iPhone prices after Apple sales warning

By TechnologyFOXBusiness

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Several Chinese electronics retailers are discounting Apple iPhones since the manufacturer announced a revenue warning and production cut.

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Alibaba-backed Suning and JD.com have slashed iPhone prices this week, according to Reuters.

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The discounting has been as steep as $118 for the recently launched 64GB iPhone XR.

That is raising concerns that Apple's weak holiday sales in China may have extended to the current quarter.

The price cuts on iPhones by Chinese retailers began in the middle of this week, with at least six offering promotions this weekend, according to checks done by Reuters.

Apple did not respond to requests for comment.

Prices for iPhones sold through its Chinese website remained unchanged.

Apple has been trailing local competitors such as Huawei Technologies that offer cheaper options in China, home to the world's biggest smartphone market in terms of shipment volume.

Last week, Apple issued its first revenue warning in nearly 12 years, citing poor Chinese demand, sending its shares down 10 percent, their biggest intra-day fall in six years.

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Apple's China woes come against the backdrop of a broader slowdown in demand for gadgets across the tech sector as the country's economic growth slows, exacerbated by Beijing's trade war with the United States.