iPhone 5c to get a price cut? Tim Cook is not ruling it out

By NDTV Correspondent | Updated: 29 January 2014 14:48 IST

Apple said on Monday that record sales of iPhones drove revenues to new heights in the past quarter, resulting in a profit of $13.1 billion.

The California tech giant revealed it had record quarterly revenues of $57.6 billion, helped by selling 51 million iPhones. The company said it sold 26 million iPads during the quarter to December 28, also an all-time quarterly record, as well as 4.8 million Macs.

While Apple remains the most valuable and among the most profitable companies, some analysts are concerned it is losing its edge and failing to keep up with rivals in the smartphone and tablet markets. One such analyst, Keith Bachman of BMO Capital Markets, asked Tim Cook whether he was 'happy' about the 'pricing umbrellas' of the two iPhones, specifically the iPhone 5c, which had been 'panned' for not having 'enough features for that price point.'

The Apple CEO said that the company had done a 'tremendous' job last quarter but admitted that the 'mix' between the iPhone 5c and iPhone 5s demand was 'very different than we thought', hinting the company expected the cheaper iPhone to have recorded better numbers that it did. Addressing the possibility of a pricing change, Cook added, "We obviously always look at our results, and conclude what to change moving forward. And if we decide it's in our best interest to make a change [in the price], then we'll make one. Obviously I'm not going to predict price changes on the earnings call."

Cook also confirmed that Apple is looking into the mobile payments sphere with interest.

Written with inputs from AFP

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