It won’t be an iPhone 5, but the next generation iPhone, is expected to begin shipping in September. But according sources speaking to Reuters, the new smartphone will have a faster processor but will look largely similar to the current iPhone 4. The iPhone is one of Apple’s most successful products, with more than 16 million sold in the last quarter of 2010 and accounts for more than a third of the company’s sales in the period.

The phone goes into production in July and is expected to be unveiled at Apple’s fall event, usually held in early September.
[Engadget]