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I have personally never had an issue at that temperature or even colder. I actually wear headphones when snowboarding for multiple hours and used to use them when walking from place to place in the city for up to an hour at a time. I used fairly cheap earbuds ($20) or less as well.
 
I've never had a problem with that. Worst I've had is the cable freezes, and it's hard to bend, but that's about all.
 
But I do wear my headphones in the cold even with its snowing. What I do most of the time is close my jacket over the headphones so the button can work properly. But I haven't had any headphone failure with any iPhone.
 
No issues yet - with my EarPods, SkullCandy, Tour In-Ear, and Samsung bundled earphones

Source: Temperature in my city last weekend -26 C
 
I've never noticed any ill effects with headphones in cold weather. The cable gets a wee bit stiffer but nothing other than that.

I suspect the drives' acoustics may change slightly, depending on the specific makeup of the unit.
 
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