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Apple CEO Not Interested in Cheap iPhones

Ng Han Guan/AP

If the $550 price tag of the iPhone 5C hadn't already made it clear that the C stands for "color" (as in the case) and not for "cheap,"Apple CEO Tim Cook reiterated to Bloomberg Businessweek's Sam Grobart that the company isn't interested in making low-end phones for the masses. "We’re not in the junk business," said Cook. "I’m not going to lose sleep over that other market, because it’s just not who we are. Fortunately, both of these markets are so big, and there’s so many people that care and want a great experience from their phone or their tablet, that Apple can have a really good business," he added.

Many had expected that with iPhone saturation in richer places like America and Europe, Apple would create a budget model for to sell in countries like China and India where for most people the price of an iPhone is out of reach. But, after last week's unveiling it became clearthe company hadn't done that, exactly. "We never had an objective to sell a low-cost phone," Cook said. "Our primary objective is to sell a great phone and provide a great experience, and we figured out a way to do it at a lower cost."

Read more on Atlantic Wire.

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