Apple's marketing chief said that the company won't create a cheaper iPhone, despite the latest rumors.
Marketing head Phil Schiller told the Shanghai Evening News that the company would not create a cheaper iPhone, according to Reuters. Instead, he pointed out that Apple's marketshare was 20 percent of the smartphone market but commanded 75 percent of the profit.
Schiller also said that Apple had no intention of creating the cheap phone to open up a new market.
"Originally, many in the Chinese market used feature phones. But now a few companies are starting to use cheap smartphones to take the place of feature phones," Schiller was cited as saying. "But this is not a direction that we want to be heading in with our products."