Huge 4th quarter loss for Sprint-Nextel
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Associated Press
Published: February 28, 2008
OVERLAND PARK, Kan. (AP) - Sprint Nextel Corporation is reporting a huge fourth-quarter loss.
The Reston, Virginia-based company says much of the loss came from writing down most of the remaining value of its 2005 purchase of Nextel Communications.
The nation’s third-largest wireless carrier says it lost 29.5 billion dollars, or $10.36 per share, during the quarter ending December 31st.
By comparison, Sprint Nextel earned 261 million dollars, or 29 cents per share, during the same period a year ago.
Not including the writedown, the company said it would have earned 21 cents per share. Thomson Financial said Wall Street analysts expected a per-share profit of 18 cents.
Revenue during the quarter slipped 6 percent to 9.8 billion dollars.
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