Rumors that a cheaper iPhone will hit the market are not true.
An executive of the company reportedly told a the Chinese media that Apple is not planning to release any cheap i-Phones.
He said that will quote, "never be the future of Apple's products."
Earlier reports said the tech giant was working on a cheaper version to combat slowing sales.
Analysts say regardless of market share, the i-Phone market is extremely profitable.
They company expects sales of over one hundred million i-Phones this year.
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