The update comes at a time when Apple recently reported a 1% dip in iPhone sales during the holiday quarter, failing to meet expectations. A more advanced yet still affordable iPhone SE could help Apple compete in key markets such as China and India, where budget-friendly smartphones with premium features continue to gain traction.

Forget about the new Apple products launching this week. The upcoming iPhone SE 4 launch won't happen until next week, at the earliest.

The iPhone SE 4 is still on track to be announced by February 21. Plus, Apple will be holding product briefings for the iPhone SE 4 in the coming week, which means it needs to be announced before that. A separate "smaller" announcement is also expected today, though details remain undisclosed.