Apple Planning 5G-Enabled Budget iPhone: Report

Apple, Inc. AAPL is gearing up to launch the next iteration of its iPhone — the iPhone 13 — in September, and analysts are optimistic concerning continued momentum for Cupertino's flagship product.

It now appears the tech giant is laying the groundwork for a follow-up budget model.

What Happened: Apple's next budget iPhone, which is suffixed "SE," could be launched as early as the first half of 2022, and it will come armed with an in-house A15 processor that is an integral part of premium iPhones, the Nikkei reported.

The iPhone SE model will have 5G connectivity powered by Qualcomm Incorporated's QCOM X60 modem chips, the report said. 

With the planned 5G-enabled iPhone SE, Apple's iPhone portfolio will be complete with a full range of 5G offerings, Nikkei said.

Apple's budget 5G iPhone, according to the report, will look like a refreshed iPhone 8 version, and have a 4.7-inch liquid crystal diode display as opposed to the OLED displays used in the iPhone 12 lineup.

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Why It's Important: The first iPhone SE was released in 2016, and the next budget model came out in April 2020. The iPhone SE released in 2020 was priced at $399.

The SE version makes iPhones affordable to the low end of the market, benefiting unit sales.

Apple plans to transition fully to 5G phones in 2021, Nikkei said.

Mini On Its Way Out: Additionally, Apple plans to phase out its iPhone Mini model in 2022 given its lack of appeal among users. Instead, the company is likely to release a relatively cost-effective iPhone Pro Max version, according to the report.

This will keep the iPhone models released in the second half of 2022 at four — two 6.1-inch handsets and two 6.7-inch ones, the report said, citing sources.

At last check, Apple shares were down 0.53% at $145.37.

Related Link: Apple Shares Hit Record High: What The Street Is Saying