Sprint’s Bet on the iPhone is Paying Off
Apple’s (NASDAQ:AAPL) iPhone 4S is the first product sold by the carrier and the company is under pressure for the product to do well. It reported on Friday that sales of the phone broke the “device family” one-day sales record. The company did not disclose numbers but said they reached the record around 1 p.m. EDT.
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Sprint (NYSE:S) has differentiated itself by offering an unlimited data plan for the iPhone 4S in hopes of gaining market share from new and current customers.
Sprint (NYSE:S) Product Chief Fared Adib said in a statement:
“The response to this device by current and new customers has surpassed our expectations and validates our customers’ desire for a truly unlimited data pricing plan,” he said.
In addition to Sprint’s sales success, AT&T (NYSE:T) — a second carrier of the iPhone 4s and one since the beginning — said it beat the record for iPhone activations on a single day and it is on track to double the number. So far, we’re waiting to hear similar news from Verizon (NYSE:VZ).
Sprint’s stock (NYSE:S) is up 0.36% to $2.79. Shares are down 34.04% year to date. The stock has traded in a 52-week range between $2.10 and $6.45.
Investing Insights: Inside Apple’s Upcoming Quarterly Earnings Release.