Apple is reportedly ready to return to the low-cost phone market after an absence of four years. The company plans to begin production on a cheaper iPhone in February, with an official unveiling coming as early as March, sources tell Bloomberg.
The handset -- believed to be comparable in size to the 4.7-inchfrom 2017 -- would be Apple's first low-cost smartphone since 2016's $399 .
Planning for the new handset was reported in September by Japanese news outlet Nikkei. The phone will share most components with and use a cheaper LCD display to keep the cost low, according to the Japanese paper.
The addition of a cheaper handset to the iPhone lineup appears designed to win customers back from competitors like. Sales of the iPhone handset, which typically represents about half of Apple's revenue and a large share of its profits, to about $33 billion. The previous quarter, they .
Apple didn't immediately respond to a request for comment.