IPHONE SAID TO BE TOO PRICEY FOR EUROPEANS

The chief executive of one of Europe’s largest wireless carriers claims the reason sales of Apple’s (AAPL) iPhone are slumping is because the price is too high. France Telecom CEO Stephane Richard told Bloomberg that European customers are beginning to focus more on prices and are holding onto their old devices longer than before. He notes that the Apple frenzy isn’t what it use to be and it is becoming more difficult to sell a $600 phone. Richard seemed to suggest that without a low-cost iPhone, the company could continue to lose market share, adding that there “are fewer early adopters, and probably with the next release of the iPhone this will be evident.”