Apple Inc plans to launch a new iPhone with a faster chip for data processing and a more advanced camera in September, Bloomberg said in a report late Tuesday.

The new iPhone will include the A5 processor along with an 8-megapixel camera, the report said, quoting two people familiar with the plans.

Apple is also testing a new version of the iPad that has a higher resolution screen, the report said, adding a cheaper version of the iPhone aimed at developing countries is also in the works.

Apple shares fell to $323.85 in trading before the bell on Wednesday. They closed at $325.30 Tuesday on Nasdaq.

(Reporting by Bijoy Koyitty in Bangalore; Editing by Gopakumar Warrier)

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