iPhone 5 rumored to release during summer 2012, details leaked

A "reliable source at Foxconn" has revealed that Apple's iPhone 5 is gearing up for production and could be released as early as summer of this year.

As reported by 9to5mac, the source said various prototypes are currently "floating around", but each of them do share common features.  These include:

• 4+ inch display (made by LG on at least one of them).
• No teardrop-shaped devices, as rumored in the lead up to the iPhone 4S. Samples so far have been symmetrical in thickness (also longer/wider).
• Neither of the sample devices have the iPhone 4/4S form factor.
• Neither of the devices are the final versions.

Following a similar production pattern as previous iPhones, the five-month estimated lead time would make the new iPhone 5 on track for a launch during summer.  Up until last year, the company had released iPhone during summer, breaking that trend with the iPhone 4S release in October.  If true, these new rumors are in direct contrast with previous reports of an alleged Best Buy document pointing towards the release in October.

In the company's latest earnings call, Apple CEO Tim Cook announced they have "some amazing new products in the pipeline."  Following "incredibly strong" momentum led by a record-breaking 37 million iPhone sales, Apple expects a revenue of about $32.5 billion in the second fiscal quarter of 2012.