06:14 AM EST, 02/07/2025 (MT Newswires) -- Apple ( AAPL ) is planning to release an updated version of its iPhone SE in the coming days, modernizing the budget-friendly model to increase sales, Bloomberg reported on Friday.

The announcement could be as early as next week, with the new device on sale in February, according to the report, citing people familiar with the matter. Rather than hosting a launch event, Apple ( AAPL ) is expected to reveal the new iPhone SE on its website, sources told Bloomberg.

The revamped SE will feature a design similar to the iPhone 14, a larger screen, Face ID, Apple Intelligence and a faster A18 chip. Other updates are a USB-C port to comply with the EU laws, Bloomberg said.

With high-end features and a price point of around $500, the new iPhone SE is expected to be a strong competitor in markets such as China, India, and other parts of Asia, according to the report.

Apple ( AAPL ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)