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TheStreet Open House

Apple iPhone 5S Due in August: Rumor

Stocks in this article: AAPL

NEW YORK ( TheStreet) -- Get ready iPhone fans, Apple (AAPL - Get Report) may be releasing the next version of its iPhone sooner than you think.

Apple-focused Web site iMore says that the iPhone 5S will be released in August, a change from recent iPhone releases. Apple has previously released the iPhone 4, 4S and iPhone 5 in June, October, and September, respectively. Apple could not be immediately reached for comment for this story.

iPhone 5

Apple's earnings estimates were recently cut by Credit Suisse, citing a slowdown in iPhone units, due in large part to a mid-2013 iPhone refresh.

Citing sources familiar with the plans, iMore reports that the iPhone 5S will look the same as the iPhone 5, but it will have an advanced processor and better camera. The iPhone 5 currently offers the 8MP iSight camera, with improved HDR capabilities for better color and tone and reduced motion blur.

In addition to an August iPhone 5S release, iMore says that Apple may release the next generation iPad and iPad mini in the April timeframe, but nothing is certain as of yet.

Rumors of the next-generation iPad mini swirled almost immediately after the 7.9-inch tablet was announced in October. There's speculation that the next-gen iPad mini could have Retina Display, which the initial version lacks.

Apple's product roadmap for 2013 may be becoming a little clearer, especially in light of the recent iWatch rumors. Citing people familiar with Apple's plans, Bloomberg reported that the Apple-branded watch could arrive in 2013. Apple has reportedly filed at least 79 patent applications which have the word "wrist" in them.

The increased visibility into Apple's 2013 lineup also comes at a time that the tech giant's hurting for good press. Apple shares have fallen sharply in recent months, and there's the perception that Apple can no longer innovate the way it once did, with the iPod, iPhone, and iPad. Apple generates the majority of its revenue from the iPhone, though the other businesses still account for huge chunks of revenue for the tech giant.

Apple shares were higher in early Tuesday trading, up 1.31% to $425.57.

-- Written by Chris Ciaccia in New York

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