Cheaper version of i-Phone coming?

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.