China's e-commerce platforms lower iPhone prices

SHANGHAI - China's e-commerce platforms, including JD.com, Suning, Tmall and Pinduoduo, announced price cuts for certain iPhone models on Friday, a week after Apple reported disappointing sales in China.

Suning said the price adjustments affected several iPhone models, including the iPhone XR 128GB, which saw 1,200 yuan ($178) chopped off its price.

The price of the model went down from 6,999 yuan to 6,199 yuan and after using a 400-yuan coupon, a customer only pays 5,799 yuan, the platform's website has shown.

JD.com also announced drops of 600 yuan and 800 yuan, respectively, for iPhone 8 and iPhone 8Plus, which are now priced at 3,999 yuan and 4,799 yuan.

It is not immediately known whether it is a seasonal discount or the start of a long-term price downturn.

Last week, Apple slashed its Q1 revenue forecast to $84 billion, about 9 percent lower than the market's expected target of about $91.3 billion.

"Most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline, occurred in Greater China across iPhone, Mac and iPad," Apple CEO Tim Cook said in a letter to investors.

Industry observers have attributed Apple's falling China sales to its problematic pricing policy and fiercer competitions from China's local brands such as Huawei and Xiaomi.