- Apple to announce budget iPhone 4 and new iPhone 4S tomorrow, but no iPhone 5? With a little over 24 hours until Apple CEO Tim Cook showcases the next iPhone, evidence is gathering that the rumoured teardrop-shaped iPhone 5 will not make its debut. Instead, a budget iPhone 4 and new iPhone 4S models will be announced for immediate or near-immediate release, with the iPhone 5 now expected to launch at a later date.