As reported serveral outlets including the WSJ have carried a rumor that Apple will release a low-cost iPhone for emerging markets this year. Now Reuters reports that Apple Marketing Chief Phil Schiller told the Shanghai Evening News that this rumor is not true.
Schiller argues that Apple has just 20% of the smartphone market, but makes 75% of the profit. He said that expanding market share with a low-cost iPhone is not Apple's plan.
So there you have it. No cheap iPhone is coming for emerging market. I did not think so anyway. Apple will though release a new iPhone that will be different from the iPhone 5. Apple needs to somehow tackle Samsung's large screen hot-selling Galaxy S III phones.