- Tools for Investors
- Stock News
- Investing Ideas
- Econ & Policy
- Personal Finance
Sales of Apple’s (NASDAQ:AAPL) iPhone 5 are moving “very well,” according to pre-paid carrier Leap Wireless (NASDAQ:LEAP), though supply concerns remain. Leap chief executive Doug Hutcheson said the company was keen on getting the most out of the units they do receive for selling. “We are on allocation on that,” Hutcheson said to FierceWireless about the iPhone 5. “So we don’t really know where the volume on the [iPhone] 5 is going to go for us. The units that we get seem to move very well.”
Leap, which sells the 16GB iPhone 5 for $499 on a $55 per month service plan and without requiring a contract, began offering the device on September 28, a week after Verizon (NYSE:VZ), AT&T (NYSE:T), and Sprint (NYSE:S). C Spire Wireless, Cellcom, Appalachian Wireless, Alaska Communications (NASDAQ:ALSK), GCI (NASDAQ:GNCMA), and nTelos Wireless (NASDAQ:NTLS) are some of the regional networks also carrying the new Apple smartphone. With Apple evidently struggling to meet the high demand with supply, Leap has been seeing shortages similar to those reported by Verizon and AT&T in their respective earnings reports.
Apple has been a huge winning stock pick for Wall St. Cheat Sheet Newsletter subscribers. Don’t waste another minute — click here and get more of our CHEAT SHEET stock picks now.
While Leap recently launched LTE and has plans to cover two-thirds of its current network with the faster technology by 2015, Hutcheson was also concerned that the iPhone 5 won’t work on the new network unless Qualcomm (NASDAQ:QCOM) built compatible chips. “The current CDMA version of the iPhone 5 does not have [Leap’s] LTE currently enabled,” Hutcheson said. “The [new] chipsets likely have that coming. But I can’t speculate on what Apple’s plans will be for that.”
Leap is scheduled to announce third-quarter earnings on November 7.
Don’t Miss: Is Apple Tracking You?
Don't miss one of the biggest bull markets in history! Covers Gold, Silver, Gold & Silver stocks, and miners.
There's always a bull market in some sector! Find the best opportunities in commodities.