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July 24, 2008 7:40:17 AM CDT

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Sprint May Go Lower Than $99.99

Posted Feb 20, 08 10:42 PM CST in Business,  Technology 

(Newser) – With both AT&T and Verizon unveiling $99.99 flat-rate unlimited calling plans this week, Sprint's is expected to undercut its rivals by up to 40%, plunging the wireless industry headlong into a price war. Sprint isn't telling yet, but analysts predict it will offer unlimited calling for roughly $60 a month, more than enough to rattle the market, Reuters reports.

While today's new plans affect only the 5-10% of wireless consumers currently paying more than $100 per month, Sprint's price slashing could have a widespread effect. "It's sinking in how bad this could be for the industry," said one analyst, after Verizon shares dropped 5% to $33.52 and AT&T fell 7% to $33.10. Sprint, too, slipped nearly 6%, to $8.71.

Source Reuters

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Buildings on Market Street are seen reflected in a Verizon sign in Philadelphia, in this April 30, 2007 file photo. (AP Photo/Matt Rourke, file)   (Associated Press)
A Sprint phone store sign is enveloped by sunlight and shadows in this Feb. 28, 2007 file photo, in Murray, Utah. Sprint Nextel Corp., the nation's third-largest wireless carrier, said Wednesday, May...   (Associated Press)
This photo provided by Sprint Nextel Corp. shows the HTC Touch cell phone. Sprint Nextel Corp. announced Wednesday, Oct. 17, 2007 it is jumping on the bandwagon with the Touch by HTC. Like Apple Inc.'s...   (Associated Press)
The sign on the top of the AT & T building in downtown Cleveland, Ohio shines through fireworks being set off over Jacobs Field following the Indians game against the Tampa Bay Devil Rays on Monday, July...   (Associated Press)
The sign on the top of the AT & T building in downtown Cleveland, Ohio shines through fireworks being set off over Jacobs Field following the Indians game against the Tampa Bay Devil Rays on Monday, July...   (Associated Press)
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Verizon  • AT&T  • Sprint Nextel  • wireless industry  • price war  • unlimited calling plans


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