US telco Verizon could be facing a $14bn bill from Apple following lower than expected sales of the iPhone.
According to a report released by analyst
firm Moffett Research, slow sales of the handset could leave Verizon
paying out of its own pocket to cover a revenue guarantee to Apple.
Citing US Securities and Exchange
Commission (SEC) filings from the company, analysts believe that Verizon
will soon have to pay Apple a figure that could amount to billions of
dollars to cover the commitment Verizon made when it struck a deal with
Apple to bring the iPhone to its network. The news was first reported by
The Los Angeles Times.
Verizon was among the first telcos to strike a carrier deal with Apple in the US after the company's exclusivity deal with AT&T ended in 2011.
The deal is now said to include a revenue guarantee that will soon be
due, leaving Apple with the choice of extracting a potentially
devastating charge from one of its partners or forgoing billions in
additional revenues and risk losing similar revenue commitments from
other carriers.
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