Apple CEO Tim Cook has given a rare interview at the Golden Sachs technology conference.
According to Business Insider's live blog of the interview, Cook said he was committed to innovation, and claimed Apple would "never make a crappy product".
But he added that the company is - and has been - "making moves to make things more affordable".
The quote could be seen both as a hint towards a less expensive iPhone, or a continued role for previous generations in the lower end of the iPhone range.
Cook also said that Apple's $137 billion cash treasure trove is "not burning a hole in our pocket" and said a lawsuit asking Apple to give shareholders a bigger cut through dividends was a "silly sideshow".
"We have looked at large companies. In each case that we've done that thus far, it didn't pass our tests.., We have looked at large acquisitions but passed. We don't feel a pressure to acquire revenue, we want to make great products, that's what we're about. If a large company could do that, we would do it, but deliberate, thoughtful is the way to do it."
On the iPad Mini 'canibalising' iPad sales
"We don't think about it that much. Our belief, if we don't cannibalize, someone else will. In iPad, I would argue Windows PC is huge and there is more to cannibalize than Mac or large iPad. If you ever use cannibalizing as a measure of products, it's the beggining of the end."
On a smaller iPhone
"Our north star is "Great Products." We would never do something that isn't a great product, not why we're on this earth. That said, if you look at what we've done to appeal to people that are price sensitive — lower price of iPhone 4, iPhone 4S, in most recent quarter, not enough supply of iPhone 4. Suprised us. We are making moves to make things more affordable."