Filed under: Earnings reports, Forecasts, Bad news, Consumer experience, Sprint Nextel Corp (S), Economic data

Shares of wireless carrier Sprint Nextel Corp. (NYSE: S) are plunging after the company reported a large first quarter loss this morning. The company posted stronger-than-expected adjusted earnings, but this was not enough to reassure investors who pushed the stock down more than 3%.

Sprint Nextel posted a quarterly loss of $505 million, or 18 cents per share, compared with a loss of $211 million, or 7 cents, in the same period a year ago. Its quarterly numbers were dragged down by losses of more than 1 million subscribers and severance charges. However, excluding one-time charges, the company would have earned 4 cents. Analysts had expected earnings on that basis of only 2 cents per share, according to Thomson Financial. Revenue tumbled 7.5% to $9.3 billion, well below expectations of $9.4 billion.

Continue reading Sprint Nextel’s quarterly loss widens

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This entry was posted on Monday, May 12th, 2008 at 4:19 pm and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.