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Wireless carrier is losing big time on iPhone gamble

The prepaid brand Cricket just bought $100 million of iPhones and is having a very hard time selling them.

Apple iphone 5 2012 09 14Enlarge
The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on Sept. 12, 2012 in San Francisco. (Justin Sullivan/Getty Images)

Well this is some bad news for Apple shareholders

Leap Wireless, which runs a prepaid 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.

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.

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Original Source URL: 
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http://www.globalpost.com/dispatch/news/business/130228/Leap-Wireless-iPhone-Cricket