iPhone 5 the Next-generation iPhone will have a faster processor with production starting in October

Apple iPhone 5 rumors continues to grind with sources reporting today that the new iPhone 5 will be released in October this year. The news contradicts earlier rumours which suggested September as the likely time of release.

The citing “sources with knowledge of the situation” said that rumours that the iPhone 5 would launch in September were misinformed. The blog said its sources expected a launch late in October this year.

Last week it was reported that the new apple iPhone 5 phone would launch in the US in September, with an international launch in October.

The Apple products always generate rumours and speculation, not least because the company very rarely talks about future products.

iPhone 5 Latest Leaks,Sources and Release Date Circulate By Media

Apple raked in two-thirds of the total industry profit and is set up for a good second half as some consumers who are on the fence get lured in by new unveilings, such as the expected next version of the iPhone: the iPhone 5, according to Morgan Keegan's Tavis McCourt.

According to CNET UK, iPhone 5 release date is likely to be September 7th 2011. We guess this is the first exact date prediction about launch of the next generation iPhone.

And Experian's surveys Apple iPhone 5 indicate the same. Some 35 percent of 3,000 U.S. consumers said they would buy the iPhone 5 upon its release, and nearly 48 percent prefer Apple's iOS platform to alternatives such as Google Android or Blackberry.

The Wall Street consensus expects Apple iPhone 5 to move nearly 17 million of its venerable iPhone 4 phones this quarter but Sanford Bernstein's Toni Sacconaghi says the Street is not taking into account the slowdown due to the upcoming iPhone 5.

South-Korea's Samsung Electronics has emerged as the only company that could challenge Apple, after Nokia fell to No. 3.

Samsung reported its earnings Friday morning, and while not breaking out unit volume, Strategy Analytics estimates Samsung shipments grew 520 percent annually, for 17 percent of the global smartphone market share.

iPhone 5 To Have 3.7-Inch Screen with Complete Redesign

A report has come in from former Engadget editor Mr Joshua Topolsky where he talks and give an information on the next gen iPhone 5. However, this information completely contradicts all the other recent claims.

Mr Joshua Topolsky reckons that the iPhone 5 will be completely redesigned, and will look more like an iPod touch than the iPhone 4. Recent reports state that the iPhnone 5 will be largely unchanged from the iPhone 4.

Another interesting feature that Mr Joshua Topolsky mentions is that the home button will be doing “double duty” and act as a button, and a gesture area. We have seen for gestures on the iPad, and our sources say that gestures are definitely coming in a future version of iOS. The home button will likely be enlarged, but not scrapped altogether.

Mr Joshua Topolsky says his sources have told him it will go up to 3.7-inches. He says that the front of the phone will have almost no bezel surround, and the screen will occupy the whole front. The “sources” say that Apple are even looking at incorporating the earpiece and sensors behind the glass itself.

A lovely mockup regarding this new iPhone 5 .

Multiple sources makes some fairly valid points, particularly about the display size and Mr Joshua claim that Apple is testing a couple of different models of the iPhone 5, and this is what has been seen by some of them until the market release.