Apple is “rethinking” its iPhone pricing in some international markets according to CEO, Tim Cook, with the company looking to go back to pricing that’s “more commensurate” with what local prices were last year to boost sales.
The news comes via Reuters who Cook spoke with on Tuesday. The pricing update will mean Apple will set iPhone prices in local currency for each market, rather than following the US dollar price and applying/converting it into local currency as it is done now.
Cook isn’t specify which markets will see the new pricing during the interview, although further details are expected to be shared during Apple’s Q1 2019 earnings call.
When you look at foreign currencies and then particularly those markets that weakened over the last year those (iPhone price) increases were obviously more, Cook told 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.