Apple: Cheap iPhone will 'never be in the future'
The company's head of worldwide marketing shoots down rumors of a less-expensive smartphone.
Earlier this week, The Wall Street Journal and Bloomberg independently confirmed with their sources that Apple (AAPL) was working on a cheaper iPhone built from lower quality parts -- which we, at TheWeek, took with a dose of healthy skepticism.
On Thursday, those rumors were shot down by Apple's SVP of worldwide marketing, Phil Schiller, who told the Shanghai Evening News that a potentially cheaper iPhone will "never be in the future of Apple products."
The Next Web confirmed with Apple that the interview was official.
Here's what Schiller said:
Every product that Apple creates, we consider using only the best technology available. This includes the production pipeline, the Retina display, the unibody design, to provide the best product to the market… Despite the popularity of cheap smartphones, this will never be the future of Apple's products. In fact, although Apple's market share of smartphones is just 20 percent, we own 75 percent of the profit.
Still, perhaps we should take this new report with a grain of salt. Early Friday morning, Reuters rescinded a report piggybacking on the Chinese original, titled "Apple exec dismisses cheaper phone as a market share grab -- report," claiming the Shanghai Evening News' article made "substantial changes to its content" after it was published. BGR notes that the "full extent of the updates is unclear and the original article remains posted on the Shanghai Evening News website."
Meanwhile, Bryan Bishop at The Verge points out that while Schiller's comments appear to contradict reporting by the WSJ and Bloomberg, Apple has demonstrated an obvious willingness to depart from public statements in the past.
It's important to remember that Apple has never made a habit of making binding public statements about new products before they are released. The company had indicated numerous times it wasn't interested in pursuing iPads in sizes below 9.7 inches in the past, for example; the iPad Mini was then announced earlier this year.
More from The Week
'In fact, although Apple's market share of smartphones is just 20 percent, we own 75 percent of the profit."
So they're essentially bragging about being overpriced.
I just kinda feel that Apple has many, fickle, silly consumers, that are not smart shoppers.
Worst then the guy that has to have a new car every year or two...IMO.
hey keshav kumar, obviously your some momma's boy punk, trying to talk talk tough, with your limited online language of stfu. guys like you obviously like to hide, and think your some big bad dude.
So do us all a favor, and go away before the big boys come along and teach you a lesson, and you get hurt
MORE ON MSN MONEY
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
Try as the bears might, they couldn't break US stocks. But investors still face frothy prices and considerable headwinds.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.