5 Things We Know About Apple's 'Budget iPhone'

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iPhone 'Light'

Is Apple developing an "iPhone Light?" Apple's flagging share of the worldwide smartphone market is helping to fuel rumors of a new "budget iPhone" to take on lower-cost models running Android. Apple in third quarter of 2012 held 14.6 percent of the worldwide market, falling from its peak of 23 percent in the first quarter of that year. Samsung, Apple's top competitor, has seen its share rise to 31.3 percent from 8.8 percent during the two years leading up to the third quarter of 2012. While iPhone is still the top-selling smartphone in the U.S., it's lagging in China, India and other emerging markets. A lower-cost iPhone, along with refurbs from its new trade-in program, would surely be grist for these mills.

Speculation began in earnest last January, when the U.S. Patent Office awarded Apple a patent for a plastic iPhone without a home button or front-facing camera. Since then, details have emerged of a device that has been called iPhone Mini and even iPhone 6. Here's what we know.

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