Apple Inc. is expected to announce a redesign for its iPhone that will feature a thinner body and larger screen.
The company is expected to release the new design on Sept. 12, according to Bloomberg. This will be the first time Apple has changed the design of the phone since it released the iPhone 4 in 2010, Bloomberg said.
The expected announcement caused phone sales to drop in the third quarter, especially in China, according to an Apple release. Economists for Bloomberg expected sales to be at 28.3 million, but sales came in at 26 million phones.
Apple has been battling with Samsung Electronic Co. for industry dominance. Samsung has been releasing several phones each year, while the iPhone has remained Apple's sole phone model, according to Bloomberg.
Stock in the company rose to the highest point since May this morning on a separate announcement that the company is considering a stock split wthat could lead to it being added to the Dow Jones industrial average, according to Bloomberg.