This morning, Sprint Corp released its earnings report that revealed the corporation suffered during the quarter due to costs and customers that were lost when its Nextel platform was shut down. However, the revenue of Sprint from its wireless service attained a record high, growing 8% to US$7.2 billion.
Sprint's earnings from each share declined below analysts' estimates. Sprint posted a 53 cents loss, down from 2012's second quarter's 46 cents loss. The loss was because of a US$430 million-worth depreciation including the costs related to Nextel's closure.
The company's net loss increased from US$1.4 billion last year to US$1.6 billion this quarter. Sprint's revenue grew 0.38% to US$8.88 billion. The amount was higher than the US$8.69 billion revenue that was expected by analysts. Even if Sprint earned 34% from post paid Nextel recapture rate, the company still lost 1.05 million subscribers who signed up for a contract. The figure was up from a loss of 246,000 subscribers year on year. It cost Sprint US$623 million to close Nextel.
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