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Sprint Nextel Posts Wider Loss

Posted by Susan Hall Oct 29, 2009 10:01:29 AM

Sprint Nextel reported a disappointing quarter as it continued to lose customers despite beefing up its phone subsidies, reports Bloomberg.

 

It reported a loss of $478 million or 17 cents a share, compared with a loss of $326 million, or 11 cents a share, during the quarter a year ago, reports bizjournals.com. Revenue dropped to $8.04 billion, a 9 percent decline from $8.82 billion last year.

 

Sprint lost 545,000 wireless customers during the quarter and spent $950 million to subsidize phones, an increase of  36 percent from the period a year ago.

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