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Apple News Byte: The Cheap IPhone Already Exists

Despite the months of speculation that the future of Apple hinges on a rumored "cheap iPhone," it turns out this magic device already exists: when given the option to buy the brand... More Despite the months of speculation that the future of Apple hinges on a rumored "cheap iPhone," it turns out this magic device already exists: when given the option to buy the brand newest, fastest, sleekest version of the iPhone, a lot of people choose a cheaper, totally decent version instead. During this week's earnings report, Apple posted better-than-expected phone sales not because of the fancy newish iPhone 5, but because of the iPhone 4 ? the cheapest and worst performing of the three Apple phones for sale these days. Apple CEO Tim Cook and his supporting cast of executives have said on several occasions that the company has several exciting new products in the pipeline that will begin rolling out this fall. Everyone is expecting an iPhone 5S, a new entry-level iPhone, a completely redesigned iPad and maybe even an iWatch to debut over the next few quarters, but the question on Apple fans' minds ? and on investors' minds ? is when will all of these new products begin launching? In Apple's latest quarter, it sold 20% more iPhones than a year earlier, but more customers opted for cheaper models. Less

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