The release of the iPhone SE in 2020 marked a triumphant return to “budget” iPhones with a $399 phone, a powerful processor and a great camera. Rumors about the next update were even more exciting, with the adoption of a full-screen design that got rid of the home button once and for all.

Now it seems that this may not happen. According to Ming-Chi Kuo, who has a fantastic track record, Apple “will likely cancel or postpone the 2024 iPhone SE 4 mass production plan.” The phone was supposed to be released in the spring of 2024, following the same two-year cadence as the current iPhone SE.

Kuo blames the move on “lower-than-expected mid-range and low-end iPhone shipments” including the iPhone SE 3, iPhone 13 mini and iPhone 14 Plus, as well as “concerns that the SE 4’s all-screen design will push costs/prices up.” sales”. Rumor has it that the iPhone SE 4 has a new design that borrows heavily from the iPhone XR, eliminating the home button and potentially using more modern features including Face ID, an OLED display, more storage, and an improved camera.

We’ve heard for years that Apple’s low-end iPhones don’t sell as well as its high-end Pro phones, but the SE lineup was supposed to be popular enough. However, Kuo’s report suggests that the SE isn’t a big seller despite costing hundreds less than the iPhone 14.

The report adds that “reducing unnecessary spending on new product development will also help the company weather the challenges of the global economic downturn in 2023.” Apple has introduced a host of new products in 2022, including the Mac Studio, Apple Watch Ultra, and the 10th generation iPad, and is rumored to release a few more in 2023, including an AR headset.