Apple reveals cheaper iPhone

Apple is releasing two new iPhone designs later this year so it can serve more customers.

CEO Tim Cook revealed the iPhone 5C this afternoon.

It will be available in five colors: green, blue, yellow, pink and white. Cook calls it "more fun and colorful" than any other iPhone.

The 5C has a 4-inch Retina display, an 8 megapixel camera, live photo filters and a rear cover that lights up.

It is powered by Apple's A6 chip.

The iPhone 5C will cost $99 for a 16 gigabyte model and $199 for a 32 gigabyte model with a two-year wireless contract.