Mobile phone carrier Verizon Wireless will put an end to unlimited data plans and switch over to a tiered-pricing scheme for the Apple iPhone from sometime this summer.

Verizon’s Chief Financial Officer (CFO) Francis Shammo said during an investors conference on Tuesday that the company could switch over to tiered-pricing data plans from the middle of this summer.

The executive also told investors that the company had introduced the unlimited data plan at the time the iPhone launch because limited data plans could have put up a barrier to consumers who were looking to try out the much-anticipated handset.

Last year, rival carrier AT&T switched to limited data plans for the iPhone users, but it quietly recommenced offering unlimited data plans to some of its iPhone users in January in order to prevent them from switching to Verizon. Currently, Verizon Wireless’ iPhone 4 consumers are enjoying unlimited data plans for $30 per month.

Shammo also warned that the launch of a new iPhone could negatively hit company’s profit margins, sending shares down by 2.4 per cent in the after-hours trading.