$250 for an iPhone? It is indeed a reality, with a few caveats: The price applies only to older-model iPhones, and only in India.
It's a good strategy: Counterpoint Research forecasts Indians will purchase more than a billion smartphones over the next five years.
“We’re very optimistic about our future in this remarkable country, with its very large, young, and tech-savvy population, fast-growing economy, and improving 4G network infrastructure,” Chief Executive Officer Tim Cook said on Apple’s May 2 earnings call.
Yet Apple "made just 3 percent of the smartphones sold in India, the industry’s fastest-growing market, in the first quarter," Bloomberg reports.
So, it's offering fire sales on older model iPhones. You can buy an iPhone 5s, the equivalent of an iPhone SE, for $300 in India, and during one sale went as low as $250, Bloomberg reports. Mind you, that's still considered very expensive in India, where per capita income is roughly $1,600 per year. Older phones comprised approximately 55% of the 2.6 million devices the company shipped to India in 2016, Counterpoint Research said.