Sprint buying 30 million iPhones, to enter Apple cell phone market
NEW YORK (AP) — Sprint is committing to buy more than 30 million iPhones over the next four years, imposing a heavy burden on an already cash-strapped company, The Wall Street Journal reports.
The paper cited unnamed sources. Apple is expected to a reveal the first new iPhone model in more than a year on Tuesday.
Sprint shares dropped 10 percent on the news.
The paper earlier reported that Sprint Nextel Corp. will sell the phone, which previously was exclusive to AT&T Inc. and Verizon Wireless.
Apple and Sprint did not respond to requests for comment.
Sprint has 33 million subscribers on contract-based plans, so its reported commitment means it would have to convert half of them to iPhones, assuming they upgrade after two years.
Would you like to contribute to this story? Join the discussion.