Sprint Nextel reports $29.5 billion loss

It was hard to find any silver lining in Sprint Nextel's fourth-quarter 2007 earnings report, though if there was one, it was the very faint glimmer of hope offered by a 75% increase in adjusted operating income to $194 million from the company's wireline unit. Still, wireline revenue was down about 1%.

The carrier reported a $29.5 billion loss, as CEO Dan Hesse acknowledged in so many words that things are in worse shape than he first thought when he came on board at the end of last year. Hesse also offered virtually no hope for a short-term rebound, and said the company would stop paying a dividend for now. The company is looking to write down its remaining $30.7 billion in goodwill value from its 2005 Nextel merger.

For more:
- check out this report at The Washington Post

Related article:
- Hesse departed Embarq in December to take the helm at Sprint Nextel

Suggested Articles

To better gauge which rural areas in the U.S. lack broadband services, FCC Chairman Ajit Pai is proposing a new mapping process.

VMware announced Thursday afternoon that it was buying application delivery controller startup Avi Networks, but it didn't disclose the financial terms.

Google continues to execute on its $13 billion U.S. investment plan by announcing on Thursday that it's expanding a data center in Oklahoma.