News Summary: Sprint loss widens, revenue beats

AP News
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Posted: Jul 26, 2012 12:25 PM
News Summary: Sprint loss widens, revenue beats

SHUTTING DOWN: Sprint Nextel Corp. reports a wider loss for the second quarter as it wrote down the value of its moribund Nextel network. Sprint's goal is to complete the shutdown of Nextel in the middle of next year.

GOOD NEWS: Sprint was successful in persuading smartphone subscribers to pay up for "unlimited data" service. Its service revenue zoomed, beating estimates.

TRENDS: Sprint is struggling to compete with larger rivals AT&T and Verizon Wireless.