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Reuters Withdraws Story On Apple's Denial Of Cheaper iPhone

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A news service has withdrawn an earlier story in which it was claimed Apple had denied plans to make a cheaper iPhone.

It had been reported via Reuters and the Shangai Evening News that Apple exec Phil Schiller rejected the claims.

But now Reuters has withdrawn the story because it was "based on a Shanghai Evening News report that was subsequently updated with substantial changes to its content".

Reports of the low-cost iPhone had appeared in the Wall Street Journal, Bloomberg, and other tech news sites.

It had been reported the device could cost around $150, and would be mainly targeted at customers in China.

The original quote attributed to Schiller was:

"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."

Apple CEO Tim Cook still insists that China is a big market for the company - and could even overtake the US in terms of revenue.

Also speaking in China, Cook said China could be Apple's top market.

"China is currently our second largest market. I believe it will become our first. I believe strongly that it will," Cook said.