In an effort to kick start slumping sales, Apple Inc. is planning to release three new iPhone models this year, according to a report in The Wall Street Journal newspaper.
Apple will include a high-end iPhone model in its line-up that features three cameras, up from two currently, in addition to a pair of less expensive alternatives. The new devices will be expected by shareholders to reverse the disappointing sales that led Apple to cut its revenue outlook this year for the first time in almost two decades. Nearly two-thirds of Apple’s revenues come from sales of the popular iPhone.
In recent weeks, Apple has aggressively discounted its iPhone XR, selling it for US$449, about US$300 less than its original price. Apple Chief Executive Officer Tim Cook recently collected his biggest-ever annual bonus for fiscal 2018 after Apple posted record revenues and profits, and a market value that temporarily eclipsed US$1 trillion.
But sales of the iPhone have dropped off sharply in recent months, notably in China, the world’s largest consumer market. Mr. Cook has said that getting sales back on track is the company’s sole focus for 2019.
