Apple shares fell in premarket on Tuesday following the discount on the iPhone15 offered in China. The tech giant announced price cuts of up to 500 yuan ($70) on some iPhone models, coinciding with a Lunar New Year promotional event from January 18 to 21.
The discount comes amid struggling iPhone 15 sales in China, where domestic rivals such as Huawei Technologies and Xiaomi have stepped up competition. In addition, there have been reports of a decline in the use of Apple devices in some Chinese enterprises and government departments, reflecting similar restrictions imposed by the United States on Chinese apps for security reasons.
Apple shares dropped 1.73% to sell at 182.70% at 6:43 am ET.
