Sprint Nextel Posts Decline in Third-Quarter Profits and Revenue

6:00 am on November 2, 2007 | Category: Business, Corporate, Telecom Services, Wireless

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America’s third-largest cell phone carrier, Sprint Nextel, posted a significant drop in its third-quarter profits yesterday, with earnings totally just $64 million, or $0.02 per share, for the three-month period ending September 30.

The compares with $279 million, or $0.09 per share, during the same period last year.

Excluding one-time expenses, Sprint says that it would have earned $0.23 per share, one cent higher than expected in a recent survey of analysts by Thomson Financial.

Revenue during the second quarter declined 4.2%, however, to $10.0 billion, missing analysts’ expectations of $10.45 billion, and suggesting that Sprint’s wireless customer base is continuing to erode.

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    Published by TeleClick Enterprises
    Edited by Jeremy Maddock