Technology | iPhone Yep, 'iPhone Nano' Is Coming: WSJ Smaller, lighter, cheaper phone expected this summer By Evann Gastaldo Posted Feb 13, 2011 4:54 PM CST Copied A Verizon iPhone is shown the first day it was available at Verizon Wireless stores Thursday, Feb. 10, 2011, in Beachwood, Ohio. (AP Photo/Amy Sancetta) Another report that the so-called “iPhone nano” really is coming: Sources tell the Wall Street Journal Apple is working on a new line of smaller, cheaper iPhones, as Bloomberg reported last week. One person saw a prototype of the phone last year, and said it’s about half the size—and available to carriers at about half the price—of the current iPhone. Currently, carriers buy iPhones for about $625 and subsidize much of the cost so that consumers can buy them for as little as $199—with a two-year contract, of course. The lower price point should allow carriers to subsidize most or even all of the cost. The new iPhone prototype featured an edge-to-edge touch screen, virtual keyboard, and voice-based navigation, the source says. It is expected to be released this summer. Read These Next New Fox star, 23, misses first day after car troubles. White House rolls with Trump's 'daddy' nickname. Man accused of killing his daughters might be dead. Supreme Court ruling is a big blow to Planned Parenthood. Report an error