Apple COO hints at a smaller iPhone Nano

Apple seems set to release a cheaper iPhone after the company’s executives made some unusual comments during an analyst meeting with Bernstein Research analyst Toni Sacconaghi. Chief Operating Officer, Tim Cook, confirmed that a cheaper iPhone is in the works.

He added that the company is planning “clever things” to address the prepaid market and that Apple did not want its products to be “just for the rich” and that the company is “not ceding any market.”

There have been recent speculations that in addition to a larger 4-inch screen for the iPhone 5, the company could launch a smaller version to target the cheaper end of the smartphone market, where Android OS based phones are making strong inroads – a so-called, iPhone Nano model.

He also added that the Apple executives projected a very confident tone, and that Apple is focused on “the right things,” in particular, expanding the market for the iPhone and capitalizing on “explosive” tablet demand.

Cook also stated that he expected intense competition in tablets, more so than in smart phones, with all PC and smart phone vendors likely to participate, but added that Apple has a strong head start. He also talked about interesting things being developed by the company without elaborating.

The company is expected to announce the iPad 2 this Wednesday at a pre-announced press conference.

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