Apple Inc. plans to counter the weak performance of its XR iPhone by releasing three new iPhones this year, the Wall Street Journal reported Friday, quoting sources familiar with the matter.
Apple has blamed the poor performance in sales to slow China growth, a market on which it depends for over 20% of its sales. The situation has further been worsened by the ongoing trade war between the US and China.
The U.S. tech giant plans to introduce some new camera features, including a triple rear camera for the highest-end model and a double rear camera for the two other models, the newspaper said in its digital edition.
Apple plans to offer two new iPhones – models with organic light-emitting diode displays and one model with a liquid crystal display, it said, adding that for 2020, the company is considering dropping the LCD model.
The paper said the OLED displays on current XS models are considered to provide better contrast than the less expensive LCD displays on the XR and earlier iPhones such as the 7 and 8 models.
Last week, Apple issued its first revenue warning in nearly 12 years, sending its shares down 10%, their biggest intra-day fall in six years.
The new iPhones will be expected by shareholders to reverse the disappointing sales that led Apple to cut its sales outlook for the first time in almost two decades on lower-than-anticipated demand in China and elsewhere.
The flagship iPhone product earns Apple about two-thirds of its revenue and allows the company to generate more money from attached products like Apple Watches, AirPods, and services like Apple Music.
Chief executive officer Tim Cook recently collected his biggest-ever annual bonus for fiscal 2018 after Apple posted record revenue and profit, and a market value that temporarily eclipsed $1 trillion (€867bn).