In June, Sprint Nextel will introduce an iPhone-like mobile device – the Samsung Instinct – to the market, the Associated Press reported.

The introduction is surely in hopes that the device can turn around the company, which has recently seen subscribers drop off.

According to Sprint executives, the price of the phone will be substantially lower than the cheapest iPhone, which goes for $399.

The AP reported that Sprint will spend about $150 million to advertise the Instinct when it launches, compared with $30 million for a typical product introduction.

In Q4 2007, Sprint reported a continued loss of wireless subscribers and a continued decline in overall revenue, as expected (story here).

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