Apple plans new iPhone lineup despite sales worries
Apple isn’t going down easy.
Despite cutting its sales outlook earlier this month—for the first time in almost two decades—as demand for its iPhones are expected to slow in China and elsewhere, Apple is planning to release a full line-up of new devices this fall.
According to The Wall Street Journal, who cited people familiar with the matter, Apple is planning to release three new iPhone models, including a successor to the struggling XR, its lower priced device released last year that has failed to meet sales expectations.
The devices are expected to include new camera features, such as a triple rear camera for its new higher-end model and a double rear camera for the other two models, the report said.
What’s more, Apple, which has recently fallen to fourth place as the country’s most valuable publicly traded company, is also sticking with its plan to release an LCD iPhone possibly in 2020, despite cutting its revenue projection.
The news of the lineup also comes on the heels of several top Chinese retailers announcing they are slashing iPhone prices after the company’s revenue warning and production cut. Alibaba-backed Suning and JD.com have both cut its iPhone prices this week, according to Reuters.
Last month, Bloomberg reported that the company was—and still is—facing a “fire drill” to boost sales from shareholders, which prompted Apple to aggressively release its discounted iPhone XR model in October, which runs about $300 less its regular model. However, sales for the phone did not take off as planned.
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IPhone sales generate about two-thirds of the company’s overall revenue. A spokesperson for Apple did not immediately respond to FOX Business’ request for comment on the report.
Yet, despite the revenue cut, Apple CEO Tim Cook collected his biggest-ever annual bonus for fiscal 2018 of $12 million.