Apple chief executive Steve Jobs will take the wraps off the much-hyped 3G iPhone during his keynote speech at the Worldwide Developers Conference on 9 June, according to Citi analysts.

The Apple conference, scheduled to take place in San Francisco June from 9 to 13 June, will witness the "first of an impressive wave of new products", said Citi analysts Richard Gardner and Yeechang Lee.

Meanwhile in the UK, O2 and Carphone Warehouse have sold out of 8GB iPhones following recent price cuts.

Messages on the O2 and Carphone Warehouse websites reported 'out of stock' and 'no longer available' after last week's £100 reductions.

The price cutting move is widely seen as an attempt to unload stock ahead of an announcement surrounding the next-generation iPhone.

While the iPhone is perhaps Apple's highest profile device, it accounts for a relatively small proportion of the company's revenues.

Apple shipped 1.7 million iPhones in the second quarter, bringing in $378m. Total revenues reached $7.51bn.

The company claimed that it is on track to sell 10 million iPhones this year.