"Apple Executive Denies Rumors of Cheap iPhone"

iPhone 5 White

Phil Schiller, Apple’s senior vice president of marketing, is denying reports that his company are developing a cheaper iPhone. In an interview with Shanghai Evening News, Schiller added that the iPhone 5 is the best iPhone for Apple.

“We are not like other companies that launched multiple products in one breath, then pinning their hopes on a product to get the favor of consumers,” Schiller said in the translated report. “Competitors launched many new products with new dimensions, but once purchased will find no suitable software products and user experience.”

Reports from Wall Street Journal and Bloomberg this week claimed that Apple would be creating a low-priced iPhone that could be launched in late 2013 in an effort to target developing nations and widen its market share. In reaction, Schiller said that while cheap smartphones are popular, it will never be the future of Apple’s products.

“In fact, although Apple’s market share of smartphones is just about 20%, we own the 75% of the profit,” Schiller added.

Source: Shanghai Evening News (in Chinese), via 9to5Mac