Telecom
Sprint's Loss Widens as Wireless Dips
Stock quotes in this article:S
OVERLAND PARK, Kan. (TheStreet) -- Sprint Nextel (S) reported a second-quarter loss of $384 million, or 13 cents a share, wider than a year-earlier loss of $344 million, or 12 cents a share, as wireless revenue dipped by about 9%.
Total revenue for the third-largest wireless provider was $8.1 billion, down from $9.06 billion a year earlier. Wireless revenue was $7 billion vs. $7.74 billion in the same quarter of 2008. Sprint said total wireless customers declined by about 257,000 in the second quarter. Analysts surveyed by Thomson Reuters estimated Sprint would post a loss of 2 cents a share on revenue of $8.12 billion. Sprint announced Tuesday a plan to buy Virgin Mobile USA for $483 million in an effort to increase its prepaid cellphone services. --Reported by Joseph Woelfel in New York.TheStreet Premium Services
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