AT&T and other telecom stocks drop on report Amazon looks to offer mobile phone service to Prime customers
Telecom stocks sold off on Friday on a report that said Amazon is looking to offer mobile phone service to its Prime customers.
The e-commerce giant is in talks with Verizon Communications, T-Mobile US, and Dish Network for wireless plans that would cost $10 a month or possibly for no cost at all,If it enters the mobile market, Amazon could resell wireless service from one of the top carriers, according to Bloomberg, noting that Dish could be a big winner as its plan to transform into a cloud-based mobile company from a satellite-TV provider has hit headwinds.
"We are always exploring adding even more benefits for Prime members, but don't have plans to add wireless at this time," an Amazon spokesperson told Insider via email. Amazon had 167 million Prime subscribers as of March, which was flat from a year ago, according to Consumer Intelligence Research Partners.
Members pay about $139 a year for free shipping on orders as well as access to streaming videos and music, but competition from rivals like Walmart has been heating up.
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