Apple eyes three new iPhones to succeed XR

Apple plans to launch three iPhone models this year with some new camera features, including three rear cameras for the most expensive model and two for the other models, reported the Wall Street Journal.

The new iPhones will succeed the XR model that has shown sluggish demand, which according to Apple was due to weak sales in China. That led several electronics retailers in the world’s second-largest economy to slash iPhone prices this week.

The iPhone maker has decided to stick to a liquid-crystal display (LCD) at a time of sluggish sales of iPhone XR, said the report.

Last week, Apple issued its first revenue warning in nearly 12 years, sending its shares down 10%, their biggest intra-day fall in six years.

Apple plans to continue with the LCD model as the device has been in the production pipeline for months, said the report.

However, for 2020, Apple will fully switch to the organic light-emitting diode, or OLED, display for iPhones, thereby completely dropping the LCD model, reported the WSJ.

The new devices will be expected by shareholders to reverse the disappointing sales that led Apple to cut its sales outlook for the first time in almost two decades on lower-than-anticipated demand in China and elsewhere.

The flagship iPhone product earns Apple about two-thirds of its revenue, and allows the company to generate more money from attached products like Apple Watches, AirPods, and services like Apple Music.

Chief executive officer Tim Cook recently collected his biggest-ever annual bonus for fiscal 2018 after Apple posted record revenue and profit, and a market value that temporarily eclipsed $1 trillion (€867bn).

- Reuters and Bloomberg

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