Sprint's net income down 77%

Sprint Nextel saw its earnings tail-spin continue, as it reported a 77 percent drop in third-quarter net income, compared to the same period in 2006. Wireless revenue was down, and the carrier lost about 60,000 wireless subscribers in the last three months. Ironically, if there's a silver lining for Sprint, it lies in the wireline business that many people forget Sprint has. The company's wireline operating income in the third quarter was $158 million, up from $86 million this time last year. IP-related revenues also increased by 43 percent.

Meanwhile, the company continues its search for a new permanent CEO who can take it away from all this.

For more:
- The Washington Post has this story
- Here's Sprint's press release with wireline numbers

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