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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