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Could Apple be Working on a Budget iPhone?

PHONES-IPHONE

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

The Wall Street Journal is reporting on the rumored plans.

It’s the latest strategy change for the company since the death of founder Steve Jobs.

CEO Tim Cook took over in August of 2011.

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