Sprint loss grows, but revenue beats estimates

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Sprint loss grows, but revenue beats estimates
By Sprint Nextel [Public domain], via Wikimedia Commons

Sprint loss grows, but revenue beats estimates

On Thursday, Sprint Nextel Corporation (NYSE:S) reported a large loss for the second quarter but saw its service revenue exceed estimates.

The No.3 carrier’s loss was $1.4 billion ($0.46 per share) from $7.3 billion in sales as compared to its $847 million loss ($0.28 per share) from the previous year. Analysts had estimated a $0.41 cents per share loss.

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Incurring a loss isn’t anything new for Sprint. According to the Associated Press, it was the nineteenth consecutive quarter for a loss as the company faces tough competition from AT&T (NYSE:T) and Verizon Wireless (NYSE:VZ).

But on a positive note, Sprint increased its 2012 forecast for adjusted operating earnings by 18 percent with the exclusion of  interest expenses and writing down asset values.

Revenue for the quarter was $8.84 billion, a 6 percent increase from the previous year. Analysts had estimated $8.72 billion.

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