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Remember all the anticipation and hype surrounding Verizon and the iPhone? Speculation morphed from ‘if’ to ‘when’ to now how much effect will adding the carrier have on Apple’s revenue picture. Now a prominent Apple watcher is writing Verizon’s launch of the iPhone 4 was ‘disappointing.’ Instead, the true test of how much oomph Verizon puts into iPhone sales may not come for months, when some expect Apple will introduce the iPhone 5.

“In some ways, we see the iPhone 5 as the true Verizon iPhone launch; the first time Verizon customers will have access to a new version of the iPhone,” writes Piper Jaffray’s Gene Munster. He believes many Verizon customers stood on the sidelines, waiting for the iPhone 5 “instead of buying the mid-cycle iPhone 4.”

Earlier in the week, Munster noted the iPhone may be released in September, rather than the traditional June and July period. However, the time difference likely won’t impact Apple revenue, he suggested. That opinion was buttressed when Apple confirmed it would released a white version of the iPhone 4 this spring.

Apple may give more hints to when the iPhone 5 will appear next week when the Cupertino, Calif. company is scheduled to announce second quarter revenue.

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