Nextel Leaves Big Mark On Sprint’s Second Quarter

Photo courtesy of the Kansas City Business Journal
Photo courtesy of the Kansas City Business Journal

Sprint announced a loss of nearly $1.6 billion, or 53 cents per diluted share, for the second quarter 2013, compared with a net loss of $1.37 billion, or 46 cents a share, for the second quarter 2012.

While recent Sprint story lines have centered on its merger with SoftBank Corp. and purchase of Clearwire Corp., the Overland Park, Kan.-based company’s second-quarter earnings were influenced more by the shutdown of its Nextel network on June 30. Sprint’s operating loss of $874 million for the quarter included $430 million in accelerated depreciation and non-cash charges of $623 million related to the end of the Nextel platform.

The shutdown represents the final chapter in the 2005 merger of Sprint and Nextel Communications. Sprint said during its earnings call that it recaptured more than 4 million Nextel subscribers, including 44 percent of postpaid customers.

Read more from the Kansas City Business Journal

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