Sprint Suffers $1.6 Billion Loss in Q2 2013

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Sprint LogoSprint has seen brighter days, it seems, as the carrier announced yesterday that it posted a whopping Q2 2013 loss of $1.6 billion.

There some major factors involved with the losses, including the fact that Sprint apparently also lost 2 million subscribers over the course of last quarter. The fact that Sprint shut down Nextel service was equally unhelpful, as it cost $430 million just to wrte off the Nextel assets, while non-cash charges totaled $623 million.

There is some hope on the horizon for Sprint, however, as its acquisition by Japanese carrier SoftBank — a deal that was in the works for some time — became official earlier in July. Now that Sprint has been acquired by SoftBank, the carrier is expected to benefit from an injection of capital and expertise which, when combined with the shutdown of resource-draining Nextel, should help with its performance in the future.

Source: CNET

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