Sprint-Nextel Loss Grows to 30 Cents Per Share
Sprint-Nextel Corp (S) reported a loss of 30 cents per share for the third quarter, compared with a loss of 17 cents per share in 2009.
Revenues rose 1% to $8.2 billion, the company said in a statement.
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The increased loss was partly due to the company subsidizing customer upgrades to phones capable of working on its new network.
Sprint had "elevated subsidy levels as part of the successful launches of the 4G-capable phones," Brett Feldman, an analyst Deutsche Bank AG, told Bloomberg News.
The company lost 107,000 contract customers in the quarter, down from 801,000 a year earlier. Still, Sprint-Nextel added 471,000 customers without contracts.
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