Apple Executive Diffuses Rumor That Apple Is Developing A Cheaper iPhone

A rumor was recently reported by The Wall Street Journal that Apple is developing a cheaper iPhone model to expand its market share. But don't get your hopes up just yet. An Apple executive confirmed the company is actually not making changes to its mobile strategy.

During an interview with Chinese newspaper Shanghai Evening News, Phil Schiller, Apple’s senior vice president of product marketing, denied all reports that a cheaper iPhone was being developed. According to Schiller, cheap smartphones "will never be the future of Apple."

[via Digital Trends]