The phone includes more advanced photography capabilities and upgraded hardware.
The new dual camera system will be exclusive to the iPhone Plus models. The new camera system allows for better lowlight photography, deeper zoom and enhancements with coloring and photo editing, Bloomberg TV's Mark Gurman reported.
Apple tends to redesign its iPhone with every new generation. This is the first time the company will use the same design for three consecutive years, Gurman said.
Some expect this next version of the iPhone to be called the iPhone 7, he noted.
There has been talk and indicators that Apple is going to change its nomenclature and drop the number system completely. The company has dropped the number system on the iPads and never used it on the Macbooks or iPods, he explained.
"They like to do the numbers because it helps case makers sell cases, helps marketing wise. But I agree with you it's time for a change with the numbers. It's getting a little bit dated in my opinion as well," he said.
The new iPhone model is critical to the holiday season which is the company's biggest quarter. The iPhone brings in the largest amount of revenue for Apple, Gurman added.
iOS 10 is the iPhone's newest software update and has a new lock screen that allows users to more easily view text messages, emails, frequent contacts, calendar appointments, and map destinations, he said.
Shares of Apple are trading higher this afternoon.
Separately, TheStreet Ratings team set this stock as a "buy" with a ratings score of B. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
You can view the full analysis from the report here: AAPL