Sprint-Nextel posts $29.5 billion loss
by at February 29, 2008 1:12 pm
Sections: Cellphones, Cellular Providers, Communications, Mobile
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Sprint-Nextel’s stock dropped more than 9% after the company announced a $29.45 billion 4th quarter loss.The loss is being blamed on a huge write down related to the company’s merger with Nextel. The company also announced the suspension of dividend payouts and the borrowing of $2.5 billion from a revolving credit facility. Sprint-Nextel CEO Dan Hesse said the loan would allow them to focus on fixing the business and avoid the financial risk of outstanding loans.
Read [New York Times]
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