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Credit: Reuters/Lee Jae-Won SAN FRANCISCO | Tue Jan 8, 2013 5:52pm EST SAN FRANCISCO (Reuters) - Apple Inc is working on a cheaper version of its popular iPhone that could be released this year, according to a report in the Wall Street Journal on Tuesday. The device could resemble the existing iPhone, but might use less expensive materials, such as a shell made of polycarbonate plastic, according to the report, which cited anonymous sources. Apple could decide not to move forward with the lower-end iPhone, the report noted. The product would represent the first time Apple has diversified its line of smartphones with significantly different models since launching the original iPhone in 2007. The company faces pressure from rival smartphone-makers such as Samsung Electronics Co LTD whose products use Google Inc's Android operating system. Apple declined to comment on the report. Shares of Apple, which closed Tuesday's regular trading session at $525.31, are down 25.5 percent from their 52-week high of $705.07 in September. (Reporting By Alexei Oreskovic; Editing by David Gregorio) Tech Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) IHazMarz wrote: Edition: U.S. Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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