Apple Scales Down Revenue Target to $2 Billion following PM’s Note Ban
The latest victim of demonetisation happens to be Apple’s iPhones which has put the sales target and revenue of the company in jeopardy.
Apple was able to achieve huge sales in October-November which led to good growth for that quarter. But, sales dwindled after the demonetisation move which resulted in shortage cash. As a result, Apple has been forced to slash the revenue outlook to $2 billion instead of $3 billion for its fiscal year (October 2016 – September 2017).
2 senior industry executives stated that, over eighty percent of Apple’s iPhone sales in India happened through cash transactions but following December, it virtually disappeared.
Market Experts estimate that, near about 800,000 to 900,000 iPhones were shipped to India in October-December quarter. Post demonetisation, sales of smartphones have dropped by 30-35 percent which has also pulled down the growth rate of Apple by nearly 50 percent, retailers stated.
Apple wasn’t available to comment on the developments.
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