A Wireless Carrier Bet Big On iPhones - And It's Losing Big Time

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.

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