Thursday, July 26, 2012
Sprint Nextel's loss widened in the second quarter as the country's third-largest wireless carrier wrote down the value of its moribund Nextel network.
However, Sprint was successful in convincing subscribers leaving Nextel to sign up for service on the Sprint network, boosting subscriber figures and revenue, and its stock jumped 14 percent in premarket trading.
In the April to June period, Sprint's net loss was $1.37 billion, or 46 cents per share. In the same quarter last year, the loss was $847 million, or 28 cents per share.
Analysts polled by FactSet were on average expecting a loss of 41 cents per share.
Revenue at the Overland Park, Kan., company was $8.84 billion, up 6 percent from a year ago. Analysts were expecting $8.72 billion.