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IDG News Service - iPhone fans rejoice, the rumors have finally come true: Verizon on Tuesday announced that it would offer Apple's iconic iPhone 4 on its network, becoming the second carrier in the U.S. to offer the smartphone after AT&T.

The smartphone will run on Verizon's 3G EV-DO network, and will become available on Feb. 10, said Tim Cook, Apple's chief operating officer, at a Verizon launch event in New York.

"All of Apple is very very happy to bring the iPhone to Verizon's 93 million customers," he said.

While the launch comes at a time when Verizon is ramping up the rollout of its LTE network, the new phone does not run on the faster network. That fact will surely disappoint hopeful customers. The phone is compatible with Verizon's 3G EV-DO network, which promises download speeds of 600 Kbps to 1.4 Mbps.

"The first generation LTE chipset forces some design compromises, some of which we would not make," Cook said. Executives from both companies declined to say when an LTE iPhone might become available.

That makes the iPhone 4 on AT&T capable of faster download speeds. Many reviewers report typical throughput of around 3 Mbps on the iPhone 4. However, even though that's faster than Verizon's EV-DO network, current iPhone users tend to complain about network coverage and availability. It doesn't matter how fast a network is if the user can't connect to it.

Verizon has been building out its 3G capacity over time and feels confident it won't have bandwidth issues that could result from an influx of new users, said Dan Mead, CEO of Verizon Wireless.

"Even as we roll out 4G ... we are committed for many many years in building out the 3G network," he said.

AT&T has been the only carrier offering the iPhone in the U.S. since its launch in June 2007. Users have complained about the performance on AT&T's network and believe they'd have better luck on Verizon's network. Rumors of a Verizon iPhone have been persistent nearly since the initial launch of the phone over three years ago.

"The big question is, is Verizon Wireless ready for the mad Apple rush that is coming? They say yes, but then again that is what AT&T always said too. We'll just have to wait and see," said analyst Jeff Kagan.

With the iPhone on two U.S. networks, the experience could improve for all end users, he said. "It could take the pressure off AT&T and if Verizon is ready then suddenly we could see an immediate improvement in service," he said.

Verizon began talking to Apple in 2008 about bringing to phone to its network, said Lowell McAdam, president and chief operating officer of Verizon. They started testing it in 2009.