Regulators Raid Apple Offices in South Korea

Regulators were reportedly raiding Apple’s offices in Seoul before the company’s 10th anniversary phone, iPhone X, launched in South Korea.

Apple Headquarters in South Korea got raided by regulators.

According to a report on Thursday, the attack was likely to raise questions whether South Korean authorities were trying to hamper the success of the iPhone X.

The iPhone X sold out fast when it became available for pre-order and is likely to be snapped up when it goes on sale in South Korea on Friday, putting a huge dent in the sales of Apple’s competitors’ products.

 “Investigators visited Apple’s HQ earlier this week to ask questions about its business practices ahead of the launch of the smartphone,” the report stated.

Apple and other companies accused the Korea Fair Trade Commission for protecting its local companies.

Apple products are wildly popular in South Korea, which is home to LG and Samsung.

In 2016, the investigators started a probe in a bid to discover whether Apple struck “unfair” contracts with local phone networks.

“It’s understood the latest raid is part of this ongoing probe, which was launched just months after the American firm took action to address officials’ concern about other unfair contracts with South Korea firms commissioned to repair iPhones and other gadgets,” said the report.

Apple had 33 percent market share, when it launched its iPhone 6 in South Korea in 2015.

Samsung Electronics Co. Ltd., Apple’s biggest competitor, has launched a scheme called “Upgrade to Galaxy” which offers up to 10,000 iPhone users a one-month trial of the Galaxy Note 8 or Galaxy S8.

Apple Tightens Grip on the Smartphone Market

Apple Inc. solidifies its hold on the smartphone market.

For months, Apple investors have waited for the iPhone X to arrive. Now that the new iPhone is here, they are on the lookout for any piece of information they can get about how the iPhone 8 and iPhone X are performing in the market.

According to a latest survey data, iPhone X is selling better than expected.

“We believe initial iPhone X demand is very strong with decreasing lead times indicating ramping production, and we maintain our 78.5 million December quarter iPhone estimate,” T. Michael Walkley, an analyst, said.

The analyst also said that Apple is tightening its grip on the global smartphone market.

“We believe Apple continues to grow its leading market share of the premium-tier smartphone market with double-digit growth of its installed base during the quarter,” he says, “and believe the iPhone installed base will exceed 635 million exiting 2017.”

Trade12 is a community of brokers and investors serving the quality service to all present and potential clients. Join our community. Trade12 awaits you!