“Sprint Nextel Corp., the third-biggest U.S. mobile-phone company, reported a 77 percent drop in profit and cut its forecasts for next year after losing the most subscribers since at least 2005,” Crayton Harrison reports for Bloomberg.
“Sprint lost 337,000 contract customers, the most since it bought Nextel Communications Inc., amid complaints about dropped calls and poor reception,” Harrison reports.
“Sprint ceded market share to AT&T Inc. and Verizon Wireless, the top two wireless carriers. San Antonio-based AT&T added 1.2 million contract customers in the quarter, while Basking Ridge, New Jersey-based Verizon Wireless signed up 1.7 million,” Harrison reports.
“AT&T benefited from new handsets such as Apple Inc.’s iPhone, which has the features of an iPod music player,” Harrison reports.
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