Cheaper, Smaller Version Of iPhone Could Be In The Works

According to Bloomberg, a cheaper and smaller version of Apple’s popular iPhone is in the works.

The move is in response to Google’s Android. The phone would be smaller, but offer similar features and be able to run on multiple wireless networks.

Rumors of a mini-version of Apple’s iPhone have been swirling since 2008.

There were rumors such a phone would debut before last Christmas, but it never emerged.

Word is that Apple’s slimmed-down iPhone would retail for $200 with a required two-year contract.

Apple and Verizon launched an iPhone 4 specifically designed for the Verizon network with much fanfare on Thursday.

There are rumors of an iPhone 5 being prepared for release this summer. Nearly 16 million iPhones were sold in the United States last year.