The shares of Sprint-Nextel (NYSE: S) have been reeling all morning and have fallen by more than 7% to $2.50, not far above a 52-week low of $2.10. Wall St. has become more convinced by the day that the company is doomed. Sprint management said that Apple (NASDAQ: AAPL) iPhone sales were ahead of expectations, but did not say how much, which is likely to annoy already rebellious shareholders.
Revenue of the No.3 wireless carrier rose only 2% to $8.3 billion. Sprint had a net loss of $301 million. Beyond that, the company posts a large number of nearly useless financial tables in its earnings release which makes it difficult for investors to decode Sprint’s situation.
Sprint added nearly 1.3 million total net wireless subscribers, primarily driven by 304,000 net postpaid additions for the Sprint brand, net prepaid additions of 485,000 and net wholesale and affiliate additions of 835,000. That is not much compared to advances by AT&T (NYSE: T) Wireless and Verizon Wireless. The AT&T buyout of T-Mobile is in trouble, but not dead, Sprint is, if the merge goes through.
Douglas A. McIntyre
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