The camera setup will be a change for the iPhone XR successor as the existing model has a single camera on the back.
Apple does not report individual unit sales for iPhones and iPads in its quarterly earnings reports, so we won't know exactly how many iPhone XRs have sold since its release in October 2018. "Beefing up functional value, like expanding camera features, isn't attractive because everyone else is doing the exact same thing". Currently, the iPhone XS and XS Max already have OLED screens, but the XR model has an LCD display.
It's also not attractive because people can already buy phones that have the functionality that Apple won't have in the iPhone until at least the end of 2020. It's not clear from the reports what Apple's purported third lens would bring to the table - although it may relate to Apple's AR ambitions.
"We believe 2019 iPhone models are unlikely to involve significant upgrades" beyond those mentioned above, JPMorgan analyst Samik Chatterjee wrote Friday, citing "feedback" from Apple suppliers.
If Apple does go down this route, it wouldn't be the first smartphone manufacturer to do so.
However, it comes as Apple CEO Tim Cook told Mad Money's Jim Cramer, when asked about reports that the iPhone XR was a flop, Cook says he calls 'bologna on that'. The smartphones could be revealed by Apple in September, when it regularly shows off its latest new models.
That led several electronics retailers in the world's second largest economy to slash iPhone prices this week. "Or, Apple might be under pressure to clean out its stock of iPhones", he said.
Despite cutting its sales outlook earlier this month-for the first time in nearly two decades-as demand for its iPhones are expected to slow in China and elsewhere, Apple is planning to release a full line-up of new devices this fall.