iPhone 5 due this summer - Report

Those who picked up the iPhone 4S this holiday season may not be on the cutting edge for long. 9to5Mac reported this week that Chinese manufacturing company Foxconn has begun ramping up for production on the iPhone 5, with a possible target release date of this summer.

9to5Mac's source is employed at Foxconn, and the person noted that Apple has yet to finalize the iPhone 5's design. However, there are a couple of points in common between the various prototypes.

Namely, all of the devices boast a display that's larger than four inches, which would be an increase over the iPhone 4 series' 3.5-inch screen. Also, the prototype cases bear more of a resemblance to the iPhone 4 design, as opposed to the teardrop-shaped design found in previous iPhone generations. However, the source notes that the iPhone 5 will not have the same shape as the iPhone 4 and iPhone 4S.

Apple is coming off of a stellar October-December quarter. During the 14-week period, the Cupertino, California-based company posted a net profit of $13.06 billion on revenues of $46.33 billion, both of which were record figures. Apple sold 37.04 million iPhones during its 2011 holiday quarter, while iPad sales came in at 15.43 million and Mac sales stood at 5.2 million.