Apple has spent a reported $4.2 billion on research and development in the third quarter of 2019.

Apple iPhone

Apple iPhone

The tech giant is throwing more money than ever before at improving the quality of their upcoming products, namely their iPhones, according to a report by CNBC.

Apple CFO, Luca Maestri, told investors at a recent investors call: "We want to improve the user experience and differentiate our products and services in the marketplace.

"So, we will continue to do that.

"There are some types of investments, of course, that are very strategic for us and they will have long-term implications."

The company's CEO, Tim Cook, also hyped up the "fantastic products" they have in the works.

A new iPhone is expected to drop in September, but it's the 2020 phones that are set to benefit from the research and development funding, with talk of better cameras and 5G.

It was recently reported that a high-speed 'iPhone 12' is being predicted for a 2020 release by trusted analyst Ming-Chi Kuo.

The TF International Securities employee is more often than not correct with his predictions for Apple's products and teased that the smartphone that can download HD videos in a matter of seconds could be in the pipeline over the next 12 months.

As reported by MacRumours, Kuo believes the new iPhone could come in 5.4-inch and 6.7-inch models with OLED displays and will carry 5G.

Meanwhile, Apple is said to be working on its own in-house modem to compete with Qualcomm.

It's been reported previously that several new job listings for the tech giant were listed, including engineers tasked with designing and developing a layer 1 cellular PHY chip.

The roles - spotted by The Information - suggested the company is keen to work on its own physical networking hardware.

The two of the jobs called outright for cellular mode, systems architects, with one based in Santa Clara and another in Qualcomm's home of San Diego.

The report added that not only is Apple looking at developing its own modem, but that it has plans to use it in future iPhones rather than continuing with longtime partner Intel.

It's expected the new hardware would be years away, as the rumoured 5G iPhone slated for a 2020 release would still use Intel's own 5G modem.