The iPhone 5 has been named the most disappointing smartphone of 2012 by Consumer Reports. Business Insider reported on Friday that the U.S. consumer watchdog magazine "rates the iPhone 5 the worst of the top smartphones" released last year.

In Consumer Reports' lab tests, LG's Optimus G ranked first on two carriers, AT&T and Sprint, followed by Samsung's Galaxy S3 and the iPhone 5. On T-Mobile, Samsung's Galaxy S3 and Galaxy Note 2 took the No. 1 and No. 3 spots, respectively. HTC's One S came second and the iPhone 5 failed to make the list.

"For most of the past five years, Apple has had a lock on the 'best smartphone in the market,'" Business Insider said. "Many people expect Samsung to leap ahead when the new Galaxy S4 comes out this spring."