cheaper iPhone

Apple expects to start producing the next version of the iPhone during this quarter, potentially setting up a summer launch of the gadget, according to a  Wall Street Journal  report. The report, which cited unnamed sources familiar with the device's production, said the new iPhone will be similar in size and shape to the iPhone 5.

Apple CEO Tim Cook said he thinks the global smartphone market will continue to grow significantly over the next few years and that Apple's iPhone business will benefit from that. However, Cook did not directly address whether Apple will introduce a cheaper iPhone for emerging markets, but he said the company will continue to make great products and that "The only thing we'll never do is make a crappy product."

Apple is working on a cheaper version of its popular iPhone that will be largely made from plastic and will look a lot like a mix of Apple devices, according to the blog  iLounge .