Sprint reports wider loss on network upgrade expenses

Source: ShutterStock / Susan Cain

Sprint, the nation’s third largest mobile carrier reported mixed financial results for the third quarter. The company, which this month said it would accept a $20.1 billion investment by Japan’s Softbank, saw its sales rise slightly to $8.7 billion for the quarter and reported a net loss of $767 million or 26 cents per share. That compares with sales of $8.3 billion in the third quarter of last year and net income of $301 million, or 10 cents per share.

Sprint lost 465,000 retail post-paid subscribers overall and saw its loss widen thanks to costs associated with shutting down its Nextel business. On a somewhat positive note Sprint is attracting new customers with the iPhone, the carriers said its iPhone sales were approximately 1.5 million — with 40 percent going to new customers. However, AT&T said it had activated 4.7 million iPhones during its third quarter call on Wednesday.

Photo courtesy of Shutterstock user Susan Law Cain

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