Wellington: An Apple executive has dismissed reports suggesting that the tech giant is working on a less expensive version of its popular iPhone.
Apple will not resort to a cheaper iPhone to expand its market share, the firm's marketing chief Phil Schiller told a Chinese newspaper in an interview.
During the interview with the Shanghai Evening News, Schiller pointed out that though Apple commanded just 20 per cent of the smartphone market, it had 75 per cent of the profit.
According to the paper, Schiller said that the company would not develop a cheap smartphone for the sake of expanding its market share, Stuff.co.nz reports.
Apple confirmed the interview had taken place, but had no further comment for now, the report said.
Apple rarely addresses rumors about upcoming products, which often invite intense speculation.
This week, the Wall Street Journal cited anonymous sources as saying Apple could release a cheaper iPhone as early as this year.