Apple CEO Tim Cook just admitted the price of iPhones may be too high

NEW YORK: Apple CEO Tim Cook just gave his most detailed commentary yet on the effect the high price of the iPhone has on the device's declining sales. In an interview, Cook was asked a tough question about whether the iPhone - which costs about $600 in the US but is more expensive almost everywhere else in the world — was really worth it.

Cook replied that he did think the iPhone might be priced too high in India, and he said the company would consider lowering it: “I recognise that prices are high. We want to do things that lower that over time to the degree that we can,” he said. That is a significant admission.