Connect to share and comment

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.

More from our partner, Business Insider:

Business Insider: This Guy Earned 4 Million Airline Miles By Buying Dollar Coins

Business Insider: We're Getting Closer Than Ever To Paying With Our Fingerprints

Business Insider: The 10 Cheapest Cities In The US

Business Insider: Surgeons Think They Should Be Trained On The Nintendo Wii

Business Insider: The 10 Happiest States In America

Original Source URL: