A rumor was recently reported by The Wall Street Journal that Apple is developing a cheaper iPhone model to expand its market share. But don't get your hopes up just yet. An Apple executive confirmed the company is actually not making changes to its mobile strategy. 

During an interview with Chinese newspaper Shanghai Evening News, Phil Schiller, Apple’s senior vice president of product marketing, denied all reports that a cheaper iPhone was being developed. According to Schiller, cheap smartphones "will never be the future of Apple."

"At first, non-smartphones were popular in the Chinese market, now cheap smartphones are more popular and non-smartphones are out. 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 percent, we own 75 percent of the profit."

[via Digital Trends