Sprint still stuck in reverse

10 Nov 2008

The US cellular operator Sprint Nextel has had another worrying quarter, losing 1.3 million customers and reporting a net loss for the period. The firm reported a loss of USD326 million for the three months to the end of September, reversing a year-ago profit of USD64 million, though the latest results were impacted by a one-off write-down of assets. Revenues fell 12% to USD8.82 billion. One bright note is that the firm is predicting its customer losses will stabilise by the end of this year. ‘We have yet to turn the corner,’ CEO Dan Hesse told an analyst conference. Sprint Nextel is the third largest US cellular operator, with 50.5 million subscribers at the end of September; larger rivals AT&T and Verizon added two million and 1.5 million net new customers respectively in the third quarter.

United States, Sprint Corporation (now part of T-Mobile US)