World's biggest smartphone maker Apple Inc. is reportedly planning to launch its next iPhone on September 10.
According to a news channel report, it is being speculated that Apple might introduce both an iPhone 5S as well as a cheaper iPhone for lower-end customers this year.
The company has been losing its share in the smartphone market to Google's Android platform in the last few quarters.
Apple's iOS has accounted for 13 per cent of smartphone sales in the second quarter of 2013, compared to 17 per cent in the same period last year.
Meanwhile, Android has expanded its share from 69 per cent to 79 per cent in the same period.
The iPhone 5S will feature a dual-LED 12MP camera and Apple might bring the fingerprint sensor onto the smartphone, to enhance security and payment features. The iPhone Lite will come in multiple colours and we may not see the retina display ship with the smartphone, instead opting for a low-resolution screen for a cheaper price.
Apple has been a down-streak since the release of the iPhone 5, with many questioning if true innovation still lies at Cupertino and if Tim Cook can really usher in the greatest new products to change an industry.
iPhone Lite may be a way to enter the developing mobile markets, but it is not what Wall Street and investors want to see.