Sprint Nextel’s second quarter loss has widened as its revenue and the subscribers declined. The company has reported a net loss of $384m or 13 cents per share, compared to a net loss of $344m or 12 cents per share in the second quarter last year.
The company has posted revenue of $8.1 billion, down 10%, compared to revenue of $9.05 billion for the same quarter a year-ago.
The company had 48.8 million customers at the end of second quarter of 2009, down from 49.1 million at the end of the first quarter of 2009.
The company said that the total wireless customers declined by around 257,000, including 991,000 post-paid customers. The loss was offset by the gain of 938,000 prepaid iDEN customers.
For the second quarter of 2009, Sprint’s wireless service revenue declined by 9% to $6.4 billion, compared to second quarter of 2008, because of fewer wireless subscribers. The company generated free cash flow of $676m for the quarter, compared to $796m for the first quarter of 2009 and $11m for the second quarter of 2008.
Dan Hesse, CEO of Sprint Nextel, said: “In the second quarter, we made further progress on our efforts to enhance financial stability, improve the customer experience and reinvigorate the brand. The widespread visibility surrounding our record-breaking June launch of the Palm Pre handset gave us an unprecedented opportunity to showcase these improvements to customers as ‘a new Sprint’.”
