Sprint Nextel 3Q Loss Grows On Subscriber Losses

DAVID TWIDDY

KANSAS CITY, Mo. (AP) — Sprint Nextel Corp., the nation's third-largest wireless carrier, on Thursday reported a wider third-quarter loss and a larger exodus of customers despite an improved slate of phones and cheaper rates.

Sprint, which hasn't reported a quarterly net gain in subscribers in more than two years, continues trying to regain ground in a highly competitive market. Besides investing heavily in improving its customer service efforts, the company has beefed up its portfolio of high-tech smartphones, including Palm Inc.'s Pre, in a bid to better compete with the likes of Apple Inc.'s iPhone, now sold by AT&T Inc.

It also has tried to undercut its competitors on price, offering unlimited mobile-to-mobile calls.

The company said it lost $478 million, or 17 cents per share during the three-month period ending Sept. 30. By comparison, it lost $326 million, or 11 cents per share, during the same period a year ago.

Sprint's latest quarter included $15 million in severance costs, $97 million in equity losses connected to its investment in Clearwire Corp. and $53 million in gains from spectrum exchanges and access charge agreements. The company did not provide an earnings figure excluding items.