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Apple working on Less Expensive iPhone

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This file photo taken June 7, 2010, shows the new Apple iPhone 4 in San Francisco. On Tuesday, June 15, 2010, the first day Apple and AT&T started taking orders, buyers reported problems. (Paul Sakuma, Associated Press)

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Published: 1/09 7:20 am

Updated: 1/09 7:26 am

Apple is reportedly working on a cheaper iPhone as sales of Android-powered devices skyrocket.

The Wall Street Journal is reporting the rumored plans. It's the latest change for the company since the death of founder Steve Jobs. CEO Tim Cook to over in August of 2011.

The Wall Street Journal reports the less expensive version of the iPhone could be available later this year.

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