Apple CEO defends products

Apple CEO Tim Cook says the company has no intention of competing in the “junk” segment of the electronics market. As Apple prepares to launch sales of its two new iPhone models, Cook says he is unfazed by the company’s eroding share of the smartphone market. In an interview with Bloomberg Businessweek, he says, “There’s always a large junk part of the market. We’re not in the junk business.” The comments come with Apple facing criticism for maintaining a comparatively high price for its new iPhone 5C, which is seen as a phone targeted for budget-conscious consumers. The iPhone 5C will sell for $549 in the United States, and higher in China and other markets. Cook says the company “never had an objective to sell a low-cost phone.” He adds, “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.”

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