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Sprint Announces Financial Results, $1.6B Net Loss

Jul. 30, 2013 10:19 AM ETVZ, DISH
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Seeking Alpha Analyst Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

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.

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