Sprint Nextel reports larger 1Q loss

[May 04, 2009]  KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp., the nation's third largest wireless service provider, says it had a larger first-quarter loss on declining revenue, continuing customer losses and a charge for job cuts announced in January.

The Overland Park, Kan.-based company said Monday it lost $594 million, or 21 cents per share, during the three months ending March 31. That compares with a loss of $505 million, or 18 cents per share, a year ago.

Not including one-time items, Sprint says it would have lost 3 cents -- a penny less than analysts had expected.

It says revenue declined 12 percent to $8.21 billion -- slightly below the $8.28 billion analysts expected.

Sprint says it lost a net of 182,000 subscribers.

[Associated Press]

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