Apple iPhone Upgrade Coming, Says Report

A new Apple Inc.

iPhone 8 upgrade is reportedly expected to arrive, according to a

report citing Korean publication Electronic Times, whose sources were unnamed. On Tuesday, Apple's stock closed up 1.80 percent at $108.74 following a recent sell-off related to the concerns on soft iPhone sales. Apple may be working with LG Electronics Inc. (KRX:066570) and Samsung Electronics Co Ltd (KRX:005930) soon to integrate the company's display technologies into a new iPhone 8 version. The report stated that the companies will provide Apple with slim organic light-emitting diode screens. Apple is currently using LCD screens for its iPhones. With an OLED display, there is better image quality and longer battery life versus LCD screens. LG and Samsung Display are close to a final agreement with Apple for the screens, the Electronic Times report stated. According to the Electronic Times report, the two Korean firms plan a combined 15 trillion won ($12.8 billion) in capital expenditure to build up OLED production capacity over the next two to three years. Japan's Nikkei newspaper reported in November that Apple plans to start using OLED screens for iPhones starting in 2018. Apple's stock is down nearly 2 percent year to date, while in December, it is down almost 8 percent. Traders are keeping an eye on Apple's December quarter to see if the tech giant is able to beat or repeat its record breaking sales of 74.5 million iPhones which were sold during the same period last year.