Telecom stocks tumble on report Amazon is in talks to offer mobile service to U.S. Prime subs By Investing.com

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Telecom stocks tumble on report Amazon is in talks to offer mobile service to U.S. Prime subs

Published Jun 02, 2023 14:04

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Telecom stocks tumble on report Amazon is in talks to offer mobile service to U.S. Prime subs

DISH

-8.42%

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AMZN

-3.07%

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0.00%

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TMUS

-1.74%

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-0.31%

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Amazon (NASDAQ:AMZN) is in talks to offer low-cost or even free nationwide mobile phone service to Prime subscribers, according to Bloomberg News.

Amazon stock gained 1.5% on the report while shares of telecom companies like AT&T (NYSE:T) and Verizon (NYSE:VZ) fell 5.7% and 5.2% respectively. T-Mobile (NASDAQ:TMUS) shares traded 7.2% lower in pre-market Friday.

On the other hand, shares in DISH Network (NASDAQ:DISH) gained as much as 8.3% on the report. The satellite services provider is already working with Amazon and is expected to start selling its wireless services on Amazon in July.

DISH shares rose in late May after the Wall Street Journal reported the company is in talks to sell wireless plans via Amazon.

The Bloomberg report also noted that the e-commerce giant has been talking to Verizon and T-Mobile to get the “lowest possible wholesale prices.” The aim is to further increase the loyalty of Prime subscribers.

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Telecom stocks tumble on report Amazon is in talks to offer mobile service to U.S. Prime subs

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