We've been hearing about a low-cost iPhone for a while, but this new photo hints towards a name of Apple's new smartphone, the "iPhone 5C". We can see the plastic retail boxes in the picture below, with the side of them clearly stating "iPhone 5C".
What does the "C" stand for, though? Well, some AppleInsider readers think the "C" stands for "color", but I think it stands for "cheap". I don't think we'd ever have Apple admit that to everyone, but we'll see. Apple could choose this naming style to differentiate between their premium handset (the iPhone 5, or the upcoming iPhone 5S or 6) and their low-cost device.