Phil Schiller: no cheap Apple iPhone [Updated]

Speaking with the Shanghai Evening News in an official interview yesterday, Apple’s Phil Schiller shot down the rumor of a cheaper iPhone:

“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 about 20%, we own the 75% of the profit.”

There you have it. Now go away, cheap iPhone rumors.

[Via The Next Web]

Update: Not so fast.