Sprint-Nextel: Another Rough Quarter as Customers Flee
Not a very encouraging quarter for Sprint-Nextel (S).
The telecom giant posted Q3 revenue of $9.1 billion, with a loss of 12 cents a share; the Street had expected $9.2 million and a profit of 3 cents. The company did say that adjusted EPS, which excludes special items and non-cash amortization, was a positive 6 cents.
The company lost a net 901,000 wireless customers in the quarter; churn was “just under” two percent, which was down 45 basis points from Q1, but flat from a year earlier. Wireless revenue was down 11 perent year-over-year, and down two percent sequentially. ARPU was steady at $56. Total customers served dropped to 51.9 million, from 54 million a year ago.
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