• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The heiress of $10 billion Perdue Farms and the $12 billion Sheraton Hotels empire wore hand-me-downs, still rides the subway, and flies economy

2

Iran's president admits 'we have many problems' and missiles 'are of no use' as the U.S. chokes its economy while weakening Tehran's grip on Hormuz

3

Six months into the Iran war, the global economy has pulled off a ‘Mission Impossible’ scene, and the Trump family is among the winners

1

The heiress of $10 billion Perdue Farms and the $12 billion Sheraton Hotels empire wore hand-me-downs, still rides the subway, and flies economy

2

Iran's president admits 'we have many problems' and missiles 'are of no use' as the U.S. chokes its economy while weakening Tehran's grip on Hormuz

3

Six months into the Iran war, the global economy has pulled off a ‘Mission Impossible’ scene, and the Trump family is among the winners
TechFortune 500

Verizon Latest Carrier Ending Free iPhone 7 Trade In Promotion

By
Aaron Pressman
Aaron Pressman
Down Arrow Button Icon
By
Aaron Pressman
Aaron Pressman
Down Arrow Button Icon
September 30, 2016, 12:01 PM ET
A Verizon Communications Inc. Store Ahead Of Earnings Figures
A pedestrian checks his mobile phone while walking past a Verizon Wireless store in San Francisco, California, U.S., on Wednesday, April 15, 2015. Verizon Communications Inc. is scheduled to release earnings data on April 21. Photographer: David Paul Morris/Bloomberg via Getty ImagesDavid Paul Morris — Bloomberg via Getty Images
Add Fortune on Google for similar content.

Verizon said it would stop giving customers a free iPhone 7 for a trade in of an older model after Friday, leaving Sprint as the only carrier still offering the hot promotion.

Verizon (VZ) was the last of the big four carriers to announce an iPhone 7 giveaway. T-Mobile, which kicked off the promotion spree, and AT&T ended their free iPhone offers last week.

The offers, which required that customers trade in a working iPhone 6 or 6S, came as competition heated up in the wireless market around Apple’s annual phone launch. T-Mobile (TMUS) and Sprint (S) said the free iPhone 7 promo prompted massive increases in sales from prior years, while AT&T (T) and Verizon said it led to more modest increases.

Get Data Sheet, Fortune’s technology newsletter.

Analysts said the promos may have aided Apple more that the carriers, since all four were making almost the same offer. The offers also required that customers stay with the carrier for two year or pay back a pro-rated share of the $650 price of a new iPhone 7.

With previously low expectations on Wall Street for iPhone 7 sales, Apple’s stock price has gotten a nice bounce from the carriers’ disclosures. Analysts had not anticipated that the big four wireless carriers would all offer such aggressive promotions.

Verizon officials have been among the least enthused in the industry about the iPhone 7 and the free offers.

“I know some of our competitors have made a big, big announcement around the iPhone 7 and how great it is. Of course, it’s great—it’s free,” Verizon CFO Fran Shammo said last week at the Goldman Sachs Communacopia conference in New York. “We saw some increase in our volume from ’15 to today, but I kind of attribute that to zero—it’s free to the customer.”

About the Author
By Aaron Pressman
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Tech


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Tech


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.