June 8, 2009 16:16

Apple to introduce cut-price iPhone today (June 8)?

Rumours suggest company is about to announce iPhone's third version

Apple is rumoured to be announcing a cut-price version of the iPhone today (June 8).

An announcement about the product is expected at the Worldwide Developers' Conference (WWDC) which takes place in San Francisco this week (June 8-12).

Analysts predict that the company will showcase a cheaper iPhone in a bit to increase the company's 11 per cent share of the world smart phone market.

The current iPhone price in the US is $199 (£124), and experts are predicting that the new product will cost either $149 (£93) or $99 (£62), reports the Financial Times.

"It's either a $50 (£31) or a $100 (£62) cut," Morgan Stanley analyst Kathryn Huberty said.

Apple has so far declined to comment. The keynote speech at the WWDC, delivered by Apple senior vice-president and marketing chief Phil Schiller, is set to take place at 10am (PDT) (6pm BST).