Sprint Swings to Third-Quarter Loss

Updated from 8:04 a.m. EST

Sprint Nextel (S Quote) fell short of Wall Street's estimates for the third quarter Friday as the company's struggling wireless division remained under pressure.

The Overland Park, Kan., wireless phone shop swung to a third-quarter loss of $326 million, or 11 cents a share, compared with a profit of $64 million, or 2 cents a share, in the year-ago quarter. Excluding items, Sprint's earnings came in at break even, falling short of Wall Street's average estimate for a profit of 3 cents a share.

Sprint said net operating revenue declined 12% from a year ago to $8.82 billion. On average, analysts forecasted revenue of $8.85 billion, according to Thomson Reuters. ...