This is rare. Apple is officially talking about an Apple rumor.
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.
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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.