This will be the first update to the SE model in two years

Apple is planning to release its new low-cost iPhone on or near International Women’s Day, March 8, Bloomberg reported on Friday, citing sources in the company.

The company is also set to unveil an updated iPad.

According to Bloomberg’s sources, the new smartphone will be the first update to Apple’s iPhone SE model in two years. It will support 5G networks, have an improved camera, and a faster processor. Apple also reportedly plans for the phone to be medium-priced, although its exact cost has not yet been revealed.

Sources say, however, that the launch date could be postponed amid production delays and supply chain issues. Like nearly all tech firms, Apple is still overcoming the shortage in semiconductor chips, widely used in the brand’s products.

READ MORE: Apple stock reacts to metaverse plans

However, the company posted record sales over the holiday quarter in January and gave an optimistic forecast for 2022.

The company has not responded to requests for comment, and no official confirmation of the iPhone release date has been issued so far.

For more stories on economy & finance visit RT’s business section