(Canadian Press Broadcast Wire (Canada) Via Acquire Media NewsEdge) NEW YORK - U.S. wireless carrier Sprint Nextel says it lost $1.3 billion in its fourth quarter, about the same as a year ago, as it revamped its network for a comeback against bigger competitors.
The company lost 44 cents per share in the October to December period versus 43 cents per share in the previous year.
The loss was slightly smaller than analysts had predicted. The average Wall Street forecast as polled by FactSet was 46 cents per share.
Revenue was $9 billion, up 3.2 per cent from a year ago and slightly above analyst expectations of $8.9 billion.
Long-ailing Sprint Nextel Corp. has agreed to sell 70 per cent of itself to Softbank Corp. of Japan for $20 billion. That deal is expected to close this summer.
(The Associated Press)
(c) 2013 The Canadian Press
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