Apple (AAPL) Strikes New iPhone Deal in China with Third-Place Carrier (CHA)
Up)
China Telecom (NYSE: CHA) and Apple (Nasdaq: AAPL) are both positive early Tuesday. According to a release from China Telecom earlier, the two entered a new iPhone partnership in China.
China Telecom will begin taking pre-orders for the iPhone 4S online starting March 2, 2012, with sales officially beginning March 9, 2012.
The company will sell black and white versions of the 16-, 32-, and 64-gigabyte models. Prices may start at nothing based on certain contract specifications, though Apple's iPhone has been largely more expensive than comparable smartphone models from competitors like ZTE, HTC, and Samsung.
The move could be much-needed for Apple, which reportedly lost more market share in China last quarter -- the second quarter of doing so.
Though the deal is a positive for both, China Telecom is still China's third-largest wireless carrier at 216 million subscribers and only 10 percent of those utilizing smartphones. Following rumors Apple and China Telecom would enter some sort of selling agreement, analysts were expecting China Telecom to move 1.4 million iPhone 4S units if it could strike a deal by May, and 2 million to 4 million in 2013.
Early Tuesday, Apple is 0.9 percent higher while China Telecom is nearly 3 percent better.
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China Telecom will begin taking pre-orders for the iPhone 4S online starting March 2, 2012, with sales officially beginning March 9, 2012.
The company will sell black and white versions of the 16-, 32-, and 64-gigabyte models. Prices may start at nothing based on certain contract specifications, though Apple's iPhone has been largely more expensive than comparable smartphone models from competitors like ZTE, HTC, and Samsung.
The move could be much-needed for Apple, which reportedly lost more market share in China last quarter -- the second quarter of doing so.
Though the deal is a positive for both, China Telecom is still China's third-largest wireless carrier at 216 million subscribers and only 10 percent of those utilizing smartphones. Following rumors Apple and China Telecom would enter some sort of selling agreement, analysts were expecting China Telecom to move 1.4 million iPhone 4S units if it could strike a deal by May, and 2 million to 4 million in 2013.
Early Tuesday, Apple is 0.9 percent higher while China Telecom is nearly 3 percent better.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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