JP Morgan: Apple is indeed working on a cheaper iPhone

JP Morgan: Apple is indeed working on a cheaper iPhone

JP Morgan has stated in a report that Apple Inc. is working on launching a cheaper version of the iPhone in the fourth quarter.

This cheaper version could be based on their ultra-slim iPod nano music player.

The report was based on findings from an unnamed supply chain to the company. Apple is also said to have filed an application with the U.S Patent and Trademark office related to this product.

The report said that the company would like to have a product priced around USD 300 based on their nano iPod digital media player.

Their patent application refers to a multi functional handheld device with a circular touch pad control, similar to the nano’s scroll wheel.

Kevin Chang, a JP Morgan analyst based in Taiwan said in the report: “We believe that iPod Nano will be converted into a phone because it’s probably the only way for Apple to launch a lower end phone without severely cannibalizing iPod nano.”