It is now confirmed that Apple is working on its iPhone's latest version which is going to be smaller and cheaper. Who doesn't love an iPhone that comes cheap now! That exactly could be the ideology of Apple as the news was confirmed in a Wall Street Journal report.

However, you get what you pay for. Don't expect the rich polycarbonate case and retina display, though you can expect the phone to be almost similar to the iPhone now but shorter. It might not have the fastest processor too.

With the competition from Android OS and especially the South Korean giant, Samsung mounting every day, Apple decided to go smaller to cater to the needs of more people. This would also be its first time releasing a different variation of the new mobile.

Apple however made no official comment on the report. Sometimes, silence can be considered equivalent to agreement.

(AW- Anil)