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Sprint reports wider loss on network upgrade expenses

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