2019-01-11T081545Z_1310846285_RC1300DD0B90_RTRMADP_3_APPLE-IPHONE-(Read-Only)
A new iPhone X is sold at an Apple Store in Beijing, China. Image Credit: Reuters

London. Apple Inc is planning to release three new iPhone models this year, including a device to succeed the newly-created XR model, the Wall Street Journal reported, citing unidentified people familiar with the matter.

Apple will include a high-end model in its line-up that features three cameras on its back, up from the current two, in addition to a pair of less expensive alternatives, the newspaper said.

The new devices will be expected by shareholders to reverse the disappointing sales that led Apple to cut its sales outlook for the first time in almost two decades on lower-than-anticipated demand in China and elsewhere. The flagship iPhone product earns Apple about two-thirds of its revenue, and allows the company to generate more money from attached products like Apple Watches, AirPods, and services like Apple Music.

In December, Bloomberg News reported the company was facing a “fire drill” to boost sales. That led Apple to aggressively market the iPhone XR on its website for $449, about $300 less than its official sticker price. The deal required customers to trade in an iPhone 7 Plus, a high-end handset from two years earlier.

Apple Chief Executive Officer Tim Cook recently collected his biggest-ever annual bonus for fiscal 2018 after his company posted record revenue and profit, and a market value that temporarily eclipsed $1 trillion.