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APPLE needs a cheaper iPhone to keep pace with low-cost rivals, analysts have said.

Shares of the world's most valuable technology company opened down 8pc on yesterday, a day after Apple's weak revenue forecast for the current quarter renewed fears about Chinese smartphone demand and a tepid global market. The record 51 million iPhones sold by Apple in the quarter ended December 28 fell short of the 55 million expected by Wall Street.


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