Verizon made a big commitment when the carrier brought the iPhone into their lineup. The company promised to purchase billions of dollars in phones before selling a single one. Call it poetic justice or bad business, but now Verizon is stuck in phone contract and forces a stiff penalty for not fulfilling it. According to Bloomberg, Verizon may now be forced to pay out $12-14 billion to make up for missed sales goals on the iPhone. That’s a huge hit for the company, that equals out to about $4-5 dollars per share. Maybe Verizon didn’t expect the Galaxy line of phones to do so well against the iPhone, or they just decided in the long term it was worth the possible loss.
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Co-owner and Editor-in-Chief of GizmoNinja.com.
During the day I work in graphic design and also do photography. By night I try to play with programming and code of all different types. I love the opportunity to write for the site and hope to see it grow as time goes on.