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Sprint Nextel Q1 Loss Widens - Quick Facts

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Sprint Nextel Corp. (S: Quote) reported a first-quarter net loss of $863 million or $0.29 per share, compared to a net loss of $439 million or $0.15 per share in the first quarter of 2011. Analysts polled by Thomson Reuters expected the company to report a loss of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Net operating revenues for the quarter rose to $8.73 billion from $8.31 billion in the prior year quarter. Twenty eight analysts had consensus revenue estimate of $8.71 billion for the quarter.

The company had wireless service revenues of $7.2 billion during the quarter, an increase of more than 7 percent year-over-year, driven primarily by Sprint platform postpaid ARPU growth of $4.03. The company reported total net subscriber additions of nearly 1.1 million during the first quarter, bringing total ending subscribers to a record 56 million.

In addition, as part of Network Vision, Sprint continues to expect to launch 4G LTE in six major cities by mid-year 2012 including Houston, Dallas, San Antonio, Atlanta, Kansas City and Baltimore.

The company expects 2012 Adjusted OIBDA to be at the high-end of the previous forecast of between $3.7 billion and $3.9 billion. The company said it continues to anticipate full year consolidated net service revenue growth of 4 to 6 percent.

Sprint continues to expect full year capital expenditures of approximately $6 billion in 2012, excluding capitalized interest.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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