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Sprint Counting on Boost from iPhone

Sprint is counting on iPhone to reverse declining revenues.

Sprint, the third largest wireless carrier in the U.S., is hoping to turn its fortunes by committing to a multi-year deal that will allow it to carry the iPhone for the first time.

According to the Wall Street Journal, Apple will require Sprint to purchase at least 30.5 million iPhones in

Sprint, the third largest wireless carrier in the U.S., is hoping to turn its fortunes by committing to a multi-year deal that will allow it to carry the iPhone for the first time.

According to the Wall Street Journal, Apple will require Sprint to purchase at least 30.5 million iPhones in the next few years as part of the deal. Experts have suggested that Sprint will likely lose money on the transaction until 2014, making the gamble even more notable.

"This is a bet-the-company kind of thing," an unnamed official told the news outlet.

According to Bloomberg, Sprint shares have rose as much as 13 percent after CEO Dan Hesse reassured investors in a recent speaking engagement. The executive is counting on the popularity of Apple's devices to give Sprint a competitive advantage against Verizon and AT&T that may help turn the tide of a decade-long slump.

As part of Sprint renewal strategy, the company is also aggressively pursuing opportunities in 4G services, according to CNET. The company is hoping its 4G LTE service will cover 120 million customers by the end of next year and potentially 250 million by 2014.

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