The long wait is finally over as the much awaited Apple iPhone 5 will be released on the Sprint Network as early as October 7th. This will be the first time that the company will be carrying Apple devices into their network. In addition to iPhone 5, Sprint will also be releasing the fourth-generation iPhone and second-generation iPad.

Over the past months, larger telecommunication companies like AT&T and Verizon have ruled the network competition due to having the advantage of carrying iPhone 4 and iPad 2. Verizon managed to get 106 million subscribers at the end of second quarter, while AT&T remains in number two spot for having 99 million subscribers. Sprint was able to get 52 million subscribers without carrying Apple devices.

Sprint Network’s customer service has noticeably improved for the past three years. And with the arrival of iPhone 5, this could help them keep their momentum in terms of improving their image to the public. It may still be a very long way to the top, but at least they they will retain the number three spot after Verizon and AT&T.

Coming from a $32.6 billion reported income in 2010, the partnership between the two companies will boost Sprint’s revenue. Thomson Reuters estimated their revenue to reach $33.47 billion by the end of 2011 and $34.23 billion by 2012.

[via TUAW]