Days after announcing a premium video streaming service, apparently in reaction to the impact of the continuing slowdown in sales on its business, Apple (AAPL) on Monday slashed the prices of iPhone and other devices in the Chinese market.

Realizing the need for reviving the sales momentum in one of its key markets, the company reduced the prices of various products including the Macs, iPad, and AirPod by about 6%. The price cut, on purchases done through Apple’s official online store in China, follows similar reductions a few weeks ago for Apple products sold by third-party retailers in the country.

As per the revised list, iPhone XR, the least expensive among the iPhone models currently available, is cheaper by 6.6% and costs RMB 6199. The other products bear price tags that reflect reductions of RMB 500 on average.

The price cut, on purchases done through Apple’s online store in China, follows similar reductions a few weeks ago for Apple products sold by third-party retailers in the country

Bringing cheer to the Chinese customers who have missed the opportunity, the company offers to refund the difference in price to those who have already purchased Apple devices up to 14 days prior to the new prices came into effect.

Related: Apple Q1 revenue drops but tops estimate

However, the impact of the price cut on margins will be reduced to some extent by the tax cut implemented by the Chinese government recently.

The performance of Apple products in China was quite disappointing in the first quarter when overall sales dropped sharply and fell short of market estimates. China accounts for a major share of the company’s revenues.

Earlier this month, Apple made a surprise launch of the new iPad Air and iPad Mini with bigger displays, in an effort to woo customers. The new versions come at competitive prices. A week ago, the company formally announced Apple TV Channels, an exclusive video streaming service on the lines of Netflix (NFLX). It intends to offer original programming in partnership with some of the leading entertainment service providers.

Shares of Apple started Monday’s regular session on a low note but regained strength as the session progressed. The stock gained nearly 28% since falling to a two-year low in December last year.

 

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