There are no active ads.

Sprint Q2 Earnings: $1.6 Billion Loss Despite “Highest-Ever” $7.2B Revenue

by Jacob Kleinman | July 30, 2013July 30, 2013 6:00 pm PST

sprint-store

Sprint posted its earnings report for its second quarter of 2013 today, boasting its “highest-ever” revenue at $7.2 billion, representing an eight percent year-over-year increase. Unfortunately for the struggling carrier that apparently wasn’t enough to keep it out of the red. The company reported a net loss of $1.6 billion due to the Nextel shutdown, as well as an operating loss of $874 million.

The drawn-out Nextel shutdown finally ended on June 30, robbing Sprint of a net profit for Q2. However, the company reports that it was able to keep 4 million Nextel subscribers on board, claiming a 44 percent postpaid recapture rate. Sprint also offered an update on Network Vision, the plan to blanket its 3G network with 4G LTE service, boasting 50 percent growth since Q1 with 20,000 sites currently active.

Despite posting losses, Sprint’s stock price was up slightly today by 7.32 percent.


Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...

Advertisement