Apple is preparing a hardware subscription service for iPhones that could launch as soon as the end of this year, Bloomberg reported Thursday.
The service would allow customers to buy an iPhone through monthly payments, similar to how users currently subscribe to iCloud, according to the report. Apple declined to comment.
Apple stock briefly rose on the news before giving up its gains. It was up less than 1% during trading on Thursday.
Apple already offers several methods to pay for iPhones on a monthly basis, including the iPhone Upgrade Program, which bundles iPhones with a warranty and free upgrades for a monthly fee, and financing with the Apple Card.