Apple Inc. (AAPL) (AAPL)’s next iPhone is likely to be released in October and will feature a new body design and work with faster wireless networks, according to Gene Munster, an analyst at Piper Jaffray Cos. (PJC) (PJC)
An October introduction is more likely after chipmaker Qualcomm Inc. (QCOM) (QCOM) said yesterday it is having trouble meeting supply demands, Munster wrote in a note today. He said Qualcomm’s radio chips that allow for faster connection to the Internet will be included in a next-generation iPhone. Apple released the iPhone 4S, the current version, in October of last year.
The iPhone (AAPL) is Apple’s top-selling product, accounting for 53 percent of its sales in the quarter that ended last December. Munster, who recommends investors buy Apple’s stock, said the release of the new model should lead investors to raise their projections for financial results in the quarter ending in December 2012. Munster said he previously thought the new iPhone would be unveiled in August.
By working with new so-called long-term evolution, or LTE, wireless networks being built by carriers such as AT&T Inc. and Verizon Wireless, iPhone users would have a faster connection for data-heavy tasks such as browsing the Web, watching videos and downloading files.
Cupertino, California-based Apple, the world’s most valuable company, fell 3.4 percent to $587.81 at 2:22 p.m. in New York. The shares (AAPL) had risen 50 percent this year before today.
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