Sprint net loss improves to $767M, sells 1.5M iPhones
updated 02:03 pm EDT, Thu October 25, 2012
Operating loss improves to less than half of Q2 results
The latest quarterly results from Sprint shows the carrier receiving a net loss of $767 million, an improvement from the $1.4 billion endured in Q2. The operating loss of $231 million for the period is less than half the $629 million from the second quarter, and almost reaches the same $208 million loss felt in Q3 last year.
The results also included an accelerated depreciation of $397 million relating to Network Vision updates and the impending closure of Nextel, of which 59-percent of customers were recaptured. Network Vision has now deployed 4G LTE in 32 cities, with over 13,500 sites classed as ready for construction in 115 more cities.
Sales of the iPhone remained steady at 1.5 million, while sales of LTE smartphones reached 1 million for the quarter, and 900,000 extra users were added to the overall network total.
The improvement in its net loss, though still costly to the company, will likely be seen as a good sign by Softbank, who decided to buy a 70-percent stake of Sprint. The Japanese carrier hopes to build on Sprint's spectrum position, after the deal closes in six months time.
