The iPhone sales have dropped quite a lot in the last few months, as iPhone XS and iPhone XR models being less popular than the previous models Apple released over the years.
Apple has tried at the end of last year to reduce the price of some models and to come up with some better offers during the holidays, but this strategy was not very efficient. As such, Tim Cook confirmed that the price of the iPhone smartphones will drop in the near future.
Mr. Cook says that Apple will try to adapt the price of the iPhone on markets where local currencies have been weakened in the last year and because of that the price of the iPhone went up. But now Apple comes in to fix the situation and by reducing the price, Apple hopes the sales will be boosted on those markets.
Tim Cook mentioned Turkey as an example, where the Turkish Lira devalued by 33% in 2018 and this translates into $700 million less revenue in Turkey compared to the same period of last year. Emerging markets were the most affected and now Apple is trying to compensate. So, Apple is expected to lower the price of the entire iPhone family of devices in many geographic regions of the world.