Sprint Q3 2012 Results: 1.5 Million iPhones Sold, Rocked By Net Loss Of $767 Million
Sprint has released their financials for the quarter and unfortunately they are not yet turning a profit. The third largest telecommunications carrier was hit with a net loss of $767 million and an operating loss of $231 million.
Fortunately this is much lower than their $629 million operating loss that they had in Q2, but it is similar to the $208 million net loss that they had in the same period last year. Sprint hit $8.8 billion in total revenues and they had to take a hit on the $397 million write down on costs that were related to Network Vision and the shutting down of Nextel.
Sprint sold 1.5 million iPhones and added 900,000 users. They also sold 1 million “LTE smartphones” in the quarter. Sprint sold the same number of Apple iPhones in the last two quarters with around 40% going to new customers.
Sprint managed to keep 59% of former Nextel customers to stay with Sprint, which may be why the company sold around 1.2 million Direct Connect devices. This report does not include Softbank’s $20.1 billion buy-out and their regained controlling stake in Clearwire. Sprint’s next quarterly report will be a lot more interesting to see.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry