To date, all of the Big Four wireless carriers in the United States, namely Verizon Wireless, AT&T, T-Mobile, and Sprint, are all offering free iPhone 7 deals, and industry watchers are observing that this is something the industry has not seen before. According to Cliff Maldonado of BayStreet Research, the recent iPhone 7 offers are not zero down or free on contract wherein the plan comes with a device payment element, instead they are free if consumers are bringing in their own handset and only paying for wireless service.
Indeed, somebody who owns a fully paid off iPhone 6 (or newer model) for instance can trade in that unit with any of the four major US wireless carriers and essentially get a free 32 gigabyte edition of the iPhone 7 after 24 monthly billing credits (not including a $27 a month fee for the handset, depending on the mobile operator). This lets owners of iPhone 6 devices under equipment installment plans (and paid off after a couple of years) to basically enjoy paying zero monthly for their unit but receive a new iPhone 7.
Understandably for some consumers, there is some wariness with regards to these iPhone 7 deals and a certain number of users must be wondering what the catch is. As explained by Maldonado, the catch is that the wireless carriers get to have an opportunity to steal subscribers from their rivals, especially iPhone loving users.
Meanwhile, Apple’s biggest rival, Samsung, sees its Galaxy Note 7 troubles continue to cause all kinds of misery, especially on the South Korean tech giant’s shares. Because of the global recall of its latest phablet offering and the bad publicity it has generated, the company’s shares suffered their worst two day slide in almost a decade. Last Monday, Samsung’s shares dropped 7 percent, which had the effect of eroding almost $16 billion off the phone maker’s market capital after over $10 billion was taken out Friday.
According to various financial analysts, Samsung’s plunging stock was also affected by concerns over a potential US interest rate hike, plus declines in US stocks the previous week, as reported by the Wall Street Journal. The talk is that the South Korean mobile manufacturer could lose $5 billion in revenue after taking into account the financial repercussions of recalling 2.5 million defective Galaxy Note 7 units, every one of which needs to be replaced. The sad thing is that its recall issues, combined with the popularity of free iPhone 7 deals, may well funnel more consumers into Apple’s fold throughout the remainder of the year, and quite possibly, through the first quarter of next year as well.
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