Sprint (S Quote) cut its spending plan by 17% as third quarter sales come up short and customers continue to flee.
The Reston, Va., telco posted an adjusted profit of 23 cents a share, down from 32 cents a year ago but a penny better than analysts expected, according to Yahoo! Finance.
Sales for the quarter ended in September were $10 billion, about 5% below year-ago levels and under analysts' target for $10.2 billion.
Sprint says it lost 60,000 net wireless customers in the third quarter, restarting an alarming trend that has plagued the company ever since its merger with Nextel nearly two years ago. After trimming its monthly user defection rate to 2% in the second quarter, Sprint's so-called churn jumped up again to 2.3% in the third quarter. ...
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