Reuters reports that Apple Inc intends to launch a higher processor speed iPhone in September, quoting reports from Bloomberg.

According to the reports, it is said that the new iPhone or iPhone 5 would have 8 megapixel camera with A5 processor. It might have multi network support for various networks in the world.

On the other hand, Apple is testing a new version of iPad at higher resolution and a cheaper scaled down version of iPhone for developing countries.

Apple shares fell to $323.85 in trading before the bell on Wednesday. They closed at $325.30 Tuesday on Nasdaq.