Why Apple doesn't want to sell cheap devices

Apple has no intention of competing in the "junk'' segment of the electronics market, chief executive Tim Cook says.

In an interview published Thursday as Apple prepared to launch sales of two new iPhones, Cook said he remains unfazed by Apple's eroding share of the smartphone market.

"There's always a large junk part of the market. We're not in the junk business,'' he said in the interview.

"There's a segment of the market that really wants a product that does a lot for them, and I want to compete like crazy for those customers.''

The iPhone 5C will sell for US$549 ($586) in the United States, and higher in China and other markets, where carrier subsidies are rare.

He added that "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.''

Cook said he was not overly concerned about the decline in Apple's stock price, which has fallen sharply since hitting a peak last year. "I don't feel euphoric on the up, and I don't slit my wrists when it goes down,'' he said. "I have ridden the roller coaster too many times for that.''

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