India Festive Smartphone Sales to Plunge 25%, Apple Raises iPhone Prices 20%
AAPL sits 41% above its 52-week low of $236.324.
Summary
India's festive season smartphone sales are projected to fall 25% year-over-year to about 36 million units, the steepest decline in a decade, driven by the global memory chip crisis that has pushed prices up sharply. Apple has raised the price of its one-year-old iPhone 17 by 20% to Rs.99,900 and the iPhone 16 by 12.5% to Rs.89,900, with fewer discounts on third-party platforms. IDC expects Apple's iPhone sales won't grow this festive season, a reversal from last year's record fourth-place volume driven by strong discounts. This follows Apple's Q3 earnings where management warned of worsening component shortages and memory cost pressures. The report signals a material demand headwind in a key growth market for Apple, with the festive quarter being crucial for annual sales.
At the time of this announcement, AAPL was trading at $333.54 on NASDAQ in the Technology sector, with a market capitalization of approximately $4.9T. The 52-week trading range was $236.32 to $344.57. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Mint.