Earlier this year, several reports suggested that Apple is expected to release three new iPhones.
Apple CEO, Tim Cook, has suggested that the company could introduce a new product which is not necessarily the cheap iPhone model.
Cook was quoted by the Guardian as saying that, "We wouldn't do anything we wouldn't consider a great product. There are other companies that do that, and that's just not who we are."
"That said, if you look at what we've done to appeal to people who are more price-sensitive, we lowered the price for the iPhone 4 and iPhone 4S - and in the December quarter [of 2012] we didn't have enough supply of [the] iPhone 4," said Cook.
Earlier this year, several reports suggested that Apple is expected to release three new iPhones, two of which will be unveiled in June.
Last month, Apple reported a 18% rise in its revenue to $54.51bn for the fiscal first quarter of 2013, compared to $46.33bn for the same period last year.
Apple has become the top mobile phone vendor in the US by shipping 17.7 million phones during the fourth quarter of 2012 compared to 12.8 million phones it shipped during the corresponding period in 2011, according to a report by Strategy Analytics.