Contrary to recent reports, Apple, Inc. (NASDAQ: AAPL) is apparently not interested in a low-end smartphone. Shares are moving higher late in the session after marketing chief Phil Schiller told the Shanghai Evening News that the company will not make such a phone.

"Despite the popularity of cheap smartphones, this will never be the future of Apple’s products," Schiller was quoted as saying. "In fact, although Apple’s market share of smartphones is just about 20%, we own the 75% of the profit."

Shares of Apple last traded at $521, up 0.76%.

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