Ever since The Wall Street Journal broke the story that Apple (NASDAQ:AAPL) was finally ready to release a cheaper iPhone to take on Google (NASDAQ:GOOGL) Android and Nokia's (NYSE:NOK) Lumia line that utilizes the Microsoft (NASDAQ:MSFT) Windows Phone 8 OS, speculation has been plentiful. During Apple's recent earnings call, CEO Tim Cook alluded to new products and the analysts are buzzing.

In the video below, Fool.com contributor Doug Ehrman discusses the outlook for the release of a new, cheaper iPhone for emerging markets, and what it could mean for Apple.

Fool contributor Doug Ehrman has no position in any stocks mentioned. The Motley Fool recommends Apple and Google. The Motley Fool owns shares of Apple, Google, and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.