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Fast Money & Foreign Objects
Apple Stops Online Sales in Russia Over Ruble Fluctuations
By Tim Higgins Dec 16, 2014 2:59 PM ET
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Dec. 16 (Bloomberg) –- Apple has halted online sales in Russia due to “extreme” ruble fluctuations, the company said. Bloomberg’s Tom Giles reports on "Bloomberg West.” (Source: Bloomberg)
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Apple Inc. (AAPL) halted online sales of its products in Russia due to “extreme” ruble fluctuations, showing how the currency’s swings are rippling out to international businesses.
The iPhone and iPad maker stopped sales from its Web store as Russia’s currency lost as much as 19 percent today, with a surprise interest-rate increase failing to stem a run on the currency. The ruble briefly sank beyond 80 per dollar, and bonds and stocks also tumbled, with the RTS equity gauge dropping the most since 2008.
“Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, wrote in an e-mailed statement today. “We apologize to customers for any inconvenience.”
The selloff in Moscow is spreading across the globe, prompting nervous investors to pull money from other developing nations amid concern that Russia’s financial struggles and the tumble in oil signal a global economic slowdown.
Related:
Photographer: Andrey Rudakov/Bloomberg
An Apple Inc. iPad tablet on the closing day of the St. Petersburg International... Read More
Russia Sales
Russia sales make up a small part of Apple’s market for the iPhone 6 and 6 Plus, which were rolled out this year. IPhone sales in the country doubled last year to 1.57 million unit, bringing in $1 billion, according to researcher IDC. Apple shipped 153.4 million iPhones in 2013, according to IDC.
Until late November, Apple had refrained from increasing iPhone prices in Russia, making the price for an iPhone in the countryEurope’s lowest at about $700. That prompted tourists from other countries to buy iPhones in Moscow.
Then Apple boosted the price of an iPhone 6 with 16 gigabytes of storage to 39,990 rubles compared with a previous price of 31,990 rubles, according to Apple’s online store in the country in late November.
Apple closely monitors currencies, with Chief Financial Officer Luca Maestri telling analysts on Oct. 20 that while the strengthening U.S. dollar had little effect on the company’s results during the quarter that ended Sept. 27, it’s “becoming a significant headwind” in the current period.
“It’s a fact of life if the U.S. dollar strengthens, that creates a headwind for us both in revenue and margins for our business outside of the United States,” he said. “We have a comprehensive hedging program in place that mitigates the impact of foreign exchange. Over time, of course, these hedges roll off and get replaced by new hedges at new spot levels, and so the protection that you get from a hedging program is temporary.”
http://www.bloomberg.com/news/2014-...-sales-in-russia-over-ruble-fluctuations.html
By Tim Higgins Dec 16, 2014 2:59 PM ET
11 Comments Email Print
Save
Dec. 16 (Bloomberg) –- Apple has halted online sales in Russia due to “extreme” ruble fluctuations, the company said. Bloomberg’s Tom Giles reports on "Bloomberg West.” (Source: Bloomberg)
Related
Apple Inc. (AAPL) halted online sales of its products in Russia due to “extreme” ruble fluctuations, showing how the currency’s swings are rippling out to international businesses.
The iPhone and iPad maker stopped sales from its Web store as Russia’s currency lost as much as 19 percent today, with a surprise interest-rate increase failing to stem a run on the currency. The ruble briefly sank beyond 80 per dollar, and bonds and stocks also tumbled, with the RTS equity gauge dropping the most since 2008.
“Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, wrote in an e-mailed statement today. “We apologize to customers for any inconvenience.”
The selloff in Moscow is spreading across the globe, prompting nervous investors to pull money from other developing nations amid concern that Russia’s financial struggles and the tumble in oil signal a global economic slowdown.
Related:
Photographer: Andrey Rudakov/Bloomberg
An Apple Inc. iPad tablet on the closing day of the St. Petersburg International... Read More
Russia Sales
Russia sales make up a small part of Apple’s market for the iPhone 6 and 6 Plus, which were rolled out this year. IPhone sales in the country doubled last year to 1.57 million unit, bringing in $1 billion, according to researcher IDC. Apple shipped 153.4 million iPhones in 2013, according to IDC.
Until late November, Apple had refrained from increasing iPhone prices in Russia, making the price for an iPhone in the countryEurope’s lowest at about $700. That prompted tourists from other countries to buy iPhones in Moscow.
Then Apple boosted the price of an iPhone 6 with 16 gigabytes of storage to 39,990 rubles compared with a previous price of 31,990 rubles, according to Apple’s online store in the country in late November.
Apple closely monitors currencies, with Chief Financial Officer Luca Maestri telling analysts on Oct. 20 that while the strengthening U.S. dollar had little effect on the company’s results during the quarter that ended Sept. 27, it’s “becoming a significant headwind” in the current period.
“It’s a fact of life if the U.S. dollar strengthens, that creates a headwind for us both in revenue and margins for our business outside of the United States,” he said. “We have a comprehensive hedging program in place that mitigates the impact of foreign exchange. Over time, of course, these hedges roll off and get replaced by new hedges at new spot levels, and so the protection that you get from a hedging program is temporary.”
http://www.bloomberg.com/news/2014-...-sales-in-russia-over-ruble-fluctuations.html
shyt is brutal.11% in one day
That graph!!!!!!
These slavs doubled their inflation rates in one day
HILARIOUS!!!:nasdown: Do wanna be happy?
Putin better have another trick in his bag cause all that money won't insulate him from the Kremlim OGs coming at his headKnives
Its raining chainsaws breh. With no handles
Putin is beyond
Come join us in the "Another big win for Putin" thread brehs
http://www.thecoli.com/threads/another-big-win-for-putin.234444/
That Czar toilet paperI wish I had the stomach to open an arbitrage acct
This looks to be about as sure as FB's stock falling from its IPO price... I missed out on that too
Who the fukk is buying rubles at this point
i'm an idiot...explain how to make money on this spread.*salutes any trader who went long on USD/RUB in the summer* Investment doubled already
Do you bet on the fact that there WILL be a spread?
Domingo Halliburton
Handmade in USA
I wish I had the stomach to open an arbitrage acct
This looks to be about as sure as FB's stock falling from its IPO price... I missed out on that too
Who the fukk is buying rubles at this point
no one is. 3 trading platforms stopped taking trades in USDRUB and EURRUB. No liquidity, bid/offer spreads are or were huge.
people started shorting the Norwegian Krone as a proxy for the Ruble.
Domingo Halliburton
Handmade in USA
How does this even work.... Norway catching strays?
well oil and gas is their biggest export. so it's a currency that has liquidity and should go lower with weaker oil prices.