Apple iPhone battery replacement hurting sales: Tim Cook

California: Apple CEO Tim Cook believes nowadays more people are preferring to simply change the battery of their old iPhone instead of upgrading to a new model, thereby hurting the sales.

In a letter addressed to the investors, Cook revealed that the company is expected a USD 9 billion loss in revenue over weak iPhone demand, partly because people replace degrading batteries, The Verge reported.

It all boils down to the pricing of the new iPhone models which soar up to as much as USD 1,449. Last year, Apple offered a battery-replacement program with a fee cut down to USD 29 from USD 79. This resulted in more people replacing the batteries than upgrading.