Apple Shoots Down Cheap iPhone RumorsFresh rumors of a cheap $99 to $149 iPhone have been quickly quashed by Apple. A cheap iPhone would likely garner Apple many new customers, but it could also eat into sales of the regular iPhone.
Reuters reports that Apple marketing chief Phil Schiller told a Chinese newspaper that a cheaper phone "is not a direction that we want to be heading in with our products." Schiller also explained that even though Apple has just 20% of the smartphone market, they make 75% of the profit.
Consumers looking for cheaper iPhones will have to be content with discounts on the older models.
Update: Reuters has withdrawn its cheaper iPhone story, so perhaps the rumor of a cheaper iPhone is still alive.
Posted on January 10, 2013