Sprint Announces Financial Results, $1.6B Net Loss
Seeking Alpha Analyst Since 2013
Originally published at www.seclive.com
Sprint Nextel Corporation (S) announced its financial results for the second quarter of fiscal 2013, reporting revenues of $8.88B while also recording a net loss of $1.6B. Sprint, who was purchased by SoftBank (OTCPK:SFTBF) on July 10th for $21.6B, has shut down its Nextel network, resulting in a one million monthly subscriber reduction. SoftBank is helping Sprint improve its position to gain ground on its competition, like Verizon (VZ) and AT&T (T), with plans to build its long-term evolution, or LTE, network. Analysts view the upcoming third quarter as Sprint's pivotal quarter, which could be an indicative of the company's ability to compete and regain some market share. With SoftBank's backing, Sprint was able to finally close on a $3.9B deal to purchase all remaining shares of Clearwire Corporation (CLWR), dealing a blow to Dish Network's (DISH) plans to complete the purchase.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.