NEW YORK — Subscriber trends are turning south again for Sprint Nextel as it struggles to compete with Verizon Wireless, the juggernaut of the industry.
The country’s No. 3 wireless carrier says it lost overall subscribers for the first time in two and a half years in the third quarter, as customers gave up on the moribund Nextel network and the company failed to sign up enough of them on the Sprint network.
Sprint Nextel Corp.’s loss was $767 million, or 26 cents per share, for the July-September quarter, from a loss of $301 million, or 10 cents per share, a year ago.
Revenue rose 5 percent to $8.76 billion.
Analysts polled by FactSet expected a loss of 43 cents per share on $8.81 billion in revenue for the Overland Park, Kan., company.Copyright © 2013 Paddock Publications, Inc. All rights reserved.