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

The Business Insider reports:

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 with NDTV's Vikram Chandra in India, 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.

iPhone sales were down 16% in the most recent quarter, and iPhone is losing market share to Android almost everywhere. Analysts believe iPhone sales will continue to decline all through this year.

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.

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