Sprint Falls Most Since 2008 as Results Miss Expectations
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Sprint Nextel Corp., the third-largest U.S. mobile-phone carrier, fell the most since 2008 in intraday trading after reporting second-quarter results and client losses that missed analysts’ estimates.
The second-quarter loss widened to $847 million, or 28 cents a share, from $760 million, or 25 cents, a year earlier, the Overland Park, Kansas-based carrier said today. Operating income before depreciation and amortization fell 12 percent to $1.31 billion, missing the $1.48 billion average estimate of analysts compiled by Bloomberg, as client retention costs rose.