Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Apple Inc. (AAPL)’s Russia Smartphone Market Share under Threat: FrancinE Lacqua

Consumers in Russia are finally feeling the full effects of sanctions imposed on the country over its participation in the standoff in Ukraine. Sanctions have gone a long way in devaluing the country’s currency, resulting in a number of companies led by Apple Inc. (NASDAQ:AAPL) opting to increase prices of their products. Bloomberg’s Francine Lacqua reports that iPhone 6 lovers in Russia will have to pay more if they are to own the evolutionary product.

Apple, is AAPL

 “Apple Inc. (NASDAQ:AAPL) is raising the price of its iPhone by 25% in Russia. Until now the massive drop of the Rubble had attracted tourists from other countries to buy the iPhone 6 in Moscow. Apple’s Move comes a day after Samsung cut the costs of its competing smartphone. The iPhone now Costs 60% more than the galaxy S5 in Russia, “said Mrs. Lacqua.

Apple Inc. (NASDAQ:AAPL) had refrained from raising the price for iPhone 6 even as the dollar continued to make substantial gains against the embattled Ruble. Price for iPhone 6 was initially the lowest at $700 compared to other European countries, prompting tourists to stream into the country just to acquire it. There is no doubt that Apple’s sales in Russia will be affected as  a result of the increase as more people will likely opt to make the switch into other cheaper products offered by Samsung and Sony Corp (ADR) (NYSE:SNE).

Apple has always dominated smartphone sales in Russia against its fierce rival Samsung seen by sales of up to $1.32 billion for the first nine months, compared to Samsung $1.19 billion. It awaits to be seen the amount of revenue that Apple will generate heading into the busy holiday season. Apple Inc. (NASDAQ:AAPL)’s move to increase iPhone prices may also encourage other brands to follow suit this holiday season once their earlier stocks get exhausted.

Russia’s standoff with the west has only gone to cause an increase in the country’s inflation; the highest seen since 2011 considerably affecting the purchasing power of most of the citizens. Increase in price for iPhones may also affect Apple’s market share.

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.