Apple Inc.’s AAPL entire iPhone lineup to be launched in 2022 will be 5G-capable and will include the tech giant’s first revamp of its budget handset in two years, Nikkei Asia reported Tuesday, citing sources familiar with the matter.
What Happened: Apple will not introduce any new 4G models next year, as per the report.
Instead, Apple will start selling a 5G version of its cheapest handset — the iPhone SE — in the first half of 2022. The budget iPhone will reportedly be powered by Apple's own A15 processor and its 5G connectivity will be enabled by Qualcomm Inc.'s QCOM X60 modem chip.
The Cupertino, California-based company will also not introduce an updated version of the iPhone Mini next year after the smartphone failed to catch on with consumers, the report added.
See Also: Apple's iPhone Sees Favorable Mix Shift In Q3, Retail Store Sales Improve: Report
Why It Matters: The move to launch only 5G-capable smartphones is part of Apple’s efforts to boost its sale of smartphones. The iPhone sales contribute over half of the tech giant’s total revenues and are key to its growth.
It was reported in June that Apple’s global 5G smartphone shipment share dived to 29.8% in the first quarter from 40.7% a quarter ago, as per data from research firm Strategy Analytics.
Apple is relatively new to the 5G space compared to its rivals such as Samsung Electronics and Oppo, having launched its first 5G-enabled iPhone 12 phones late last year.
Price Action: Apple shares closed 2.6% higher in Tuesday’s trading at $146.15.
Read Next: Apple Stood Its Ground As Employees Protested Return-To-Work Policy — Now, Pandemic Gets Its Say
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