Apple (NASDAQ: AAPL) is working to release three new iPhone models later this year, two with OLED displays and one with an LCD screen, according to a new report.
The new line up will be a direct successor to last year’s 5.8-inch display iPhone XS, iPhone XS Max, and the struggling iPhone XR, The Wall Street Journal is reporting, citing people familiar with the matter.
Despite the belief that sales-wise it’s underperforming, the cheaper XR model will be updated with a model that comes with the same LCD display and similar design, the report says, noting that Cupertino will completely switch to OLED displays in 2020, thereby dropping the LCD model. Furthermore, the Journal says that Apple is considering adding a triple-lens camera design for the high end model, presumably the largest of the three, and a rear dual-lens camera system for the two other models.
It should be noted that the triple-lens camera setup is an effort by Apple to compete with manufacturers including Huawei, Samsung and others who are readying similar camera systems.
The report also says that the new handsets could be unveiled by the iPhone maker in September, which coincides with the time when Apple regularly shows off its latest new models.
The news comes as iPhone sales continue to suffer in developing markets. Last week, Apple CEO Tim Cook warned in a letter to shareholders that weak iPhone sales, particularly in China, had forced the company for the first time in more than a decade to slash its quarterly revenue guidance.
“While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China,” Cook wrote. “In fact, most of our revenue shortfall to our guidance, and over 100 percent of our year-over-year worldwide revenue decline occurred in Greater China across iPhone, Mac, and iPad.”
Apple shares sank steeply after Cook revised the company’s 1Q’19 guidance to $84 billion, down from the $89 billion to $93 billion it had previously projected, bringing the name’s year-over-year negative return to about 13%.
AAPL fell $1.51, or 0.98%, to close at $152.29 per share on Friday.