Terrible Apple A Wireless Carrier Bet Big On ... - Business Insider

Kevin Smith/Business Insider

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Well this is some bad news for Apple shareholders

Leap Wireless, which runs a pre-paid cellphone brand called Cricket, just warned its own shareholders that, after making a very large bet on iPhones, it's having a very hard time selling them.

Leap says it could end up with $100 million worth of unsold iPhones ? and that it's on pace to sell as many iPhones as it committed to selling in a contract with Apple.

BTIG Research's Walter Piecyk dug up Leap's filing.

Some of the blame here falls on Apple, which hasn't tried very hard to make a super cheap iPhone.

A lot of it falls on Leap, which can't sell its iPhone in every market due to technological constraints.

Now Watch: Here Is One Reason Why You Shouldn't Buy The iPhone 5

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Source: http://www.businessinsider.com/terrible-apple-a-wireless-carrier-bet-big-on-iphones--and-its-losing-big-time-2013-2

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