lowered its full-year earnings outlook for its wireless services operations but said earnings at its traditional phone business are likely to come in slightly higher than it had expected.
Sprint said it expects full-year earnings before interest, taxes, depreciation and amortization to be around $2.7 billion for its
wireless operations, compared with its previous target of $2.9 billion. The company cited a smaller customer base and higher expenses for bad debts.
Sprint PCS shares were down around 12%, or 33 cents, at $2.41 in midafternoon trading.
group, which includes phone and Internet operations, the company said it expects to earn $1.41 to $1.43 a share, excluding certain items, for 2002. Previously, it had forecast earnings of at least $1.40 a share for the year. Analysts had expected the FON group to earn $1.40 a share.
FON shares were up around 3%, or 27 cents, at $9.29 in midafternoon trading.