Sprint Nextel posts wider 2Q loss

[July 29, 2009]  KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp., the nation's third-largest wireless provider, says its loss widened in the second quarter as revenue and subscribers continued to decline.

The Overland Park, Kan.-based company on Wednesday reported losing $384 million, or 13 cents per share, in the three months ended June 30. That's larger than its loss of $344 million, or 12 cents per share, a year ago.

Sprint says its revenue fell 10 percent to $8.14 billion.

Analysts surveyed by Thomson Reuters had expected a loss of 2 cents per share on $8.12 billion in revenue. The earnings estimates typically exclude one-time items.

Sprint said it lost a net of 257,000 subscribers during the quarter, including 991,000 valuable customers who sign annual contracts. The loss was offset by a gain of 938,000 prepaid customers.

[Associated Press]

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