Apple is said to be working on a cheaper iPhone model

Apple Inc. is working on new versions of the iPhone that are aimed at slowing the advance of competing handsets based on Google Inc.’s Android software, according to people who have been briefed on the plans.

One version would be cheaper and smaller than the most recent iPhone, said a person who has seen a prototype and asked not to be identified because the plans haven’t been made public.

Apple also is developing technology that makes it easier to use the iPhone on multiple wireless networks, two people said.

from Bloomberg.com