UBS analysts led by David Vogt slashed their iPhone sales estimates even further below Wall Street’s consensus amid China weakness.

Apple is offering rare discounts of up to 500 yuan ($68.50) on its latest iPhone models in China, as the U.S. tech giant moves to defend its market share against rising competition from domestic rivals like Huawei.

Apple is giving customers 500 Chinese yuan ($68.50) off of the iPhone 16 Pro or iPhone 16 Pro Max and 400 yuan off the iPhone 16 or iPhone 16 Plus. For a long time Apple has resisted offering discount through its own retail channels but more recently has done so,

Apple has launched a Chinese New Year discount promotion in, well, China, running January 4-7. This includes up to ~$70 savings on the iPhone 16 Pro Max, as well as discounts on other iPhone 16 models,