From CNET News.com: Sprint Nextel saw its second-quarter loss widen because of ongoing costs related to the shutdown of its Nextel network, its Network Vision upgrade project, and its investment in Clearwire.
The Overland Park, Kansas, wireless carrier posted a loss of $1.37 billion, or 46 cents a share, on revenue of $8.84 billion. A year ago, it reported a loss of $863 million, or 29 cents a share, on revenue of $8.31 billion.
One-time costs include 26 cents a share for Network Vision, 6 cents a share related to the shutdown of Nextel towers, and 7 cents a share related to its investment in Clearwire, which currently provides 4G WiMax services for the carrier.
Analysts, on average, expected the company to post a per-share loss of 40 cents on revenue of $8.73 billion, according to Thomson Reuters.
Sprint will likely report several more quarters with wider losses as it goes through the transformation of its network, which will eventually be able to support multiple technologies, including its own faster 4G LTE network. But Network Vision, its Nextel shutdown, and the high cost of iPhone subsidies will continue to weigh on the company for the next few quarters.
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