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Sprint's loss widens as customers depart

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Date: Monday 12 May 2008

LONDON (ShareCast) - Wireless carrier Sprint Nextel said first-quarter losses more than doubled as the number of monthly subscribers fell.

The group reported a net loss of $505m compared to a loss of $211m in the first quarter of last year, while revenue fell 7.5% to $9.33bn.

Sprint's wireless division posted a 9% fall in revenue to $7.96bn, after losing 1.09m users in the latest quarter.

“As expected, our Wireless business delivered weak financial results,” said chief executive Dan Hesse.

“While the business will continue to face challenges in the short term, we are making progress in methodically attacking the sources of our performance issues,” he added.

The company said it will review its business and report the results in August. Among the steps under consideration is the sale of non-core assets, the group said.

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