Virginia Based Sprint Nextel Profits Plummet

November 1, 2007

Sprint Nextel Corporation's quarterly profit plummeted as the nation's third-largest wireless provider said Thursday its wireless business lost customers and revenue.

Sprint Nextel is based in Reston, Virginia, with its operational headquarters in Kansas City, Missouri.

For the third quarter ending September 30th, Sprint Nextel earned 64 million dollars, or 2 cents per share, compared with earning $279 million, or 9 cents per share, during the same period a year ago.

Excluding one-time expenses, the company said it earned 23 cents per share, a penny higher than the expectations of analysts surveyed by Thomson Financial.

Sprint Nextel lost 337,000 monthly subscribers during the third quarter. It had a total of 54 million customers, behind rivals AT&T and Verizon Wireless. Those companies reported adding a net of 2 million and 1.6 million customers, respectively.

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