Apple ceases effort to make iPhone hardware subscription service, Bloomberg says

Apple (AAPL) has ended work on a project to create an iPhone hardware subscription service, pulling back from efforts to change the way consumers purchase its flagship device, Bloomberg’s Mark Gurman reports, citing people familiar with the matter. The idea behind the project was that consumers could pay monthly fees and get new phones every year, but the company recently wound down the effort, the author says, noting that the team behind the project has been disbanded and reassigned elsewhere.