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Sprint Nextel Swings to Loss of $29.5B in 4Q on Writedown of Nextel Purchase
OVERLAND PARK, Kan. (AP) - Sprint Nextel Corp. says it swung to a huge fourth-quarter loss as it wrote down most of the remaining value of its 2005 purchase of Nextel Communications Inc.
The nation's third-largest wireless carrier said Thursday it lost $29.5 billion, or $10.36 per share, during the quarter ending Dec. 31. By comparison, Sprint Nextel earned $261 million, or 29 cents per share, during the same period a year ago.
Not including the writedown, the company said it would have earned 21 cents per share. Thomson Financial said Wall Street analysts expected a per-share profit of 18 cents.
Revenue during the quarter slipped 6 percent to $9.8 billion.
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