(Yicai Global) Jan. 16 -- Apple has begun offering CNY500 (USD74) trade-in discounts on iPhones on its official online store in China as part of efforts to boost flagging sales in the country.
Buyers can obtain a discount coupon when trading in old handsets for an iPhone XR on the company's flagship Tmall store bringing the price to CNY5,999 (USD887.3), state-backed news outlet The Paper reported.
Apple does not normally offer discounts on products in the run-up to the key Chinese New Year sales period so the move represents a change in strategy for the Californian firm. It follows similar price cuts of the company's products on other major Chinese online sales platforms such as JD, Pinduoduo and Suning.
Apple recently lowered its expected revenue for the first fiscal quarter of fiscal 2019 to USD84 billion, against earlier guidance of USD89 billion to USD93 billion, citing weaker-than-expected sales in China, according to a letter to investors from Chief Executive Tim Cook on Jan. 3. Shares in the firm dropped 7 percent in post-market trading on that day.
The flagging sales are expected to continue in the coming quarters, senior industry analyst Jin Di told The Paper.