Gadgetell | Tech News, Reviews, and Interesting Things

Subscribe to our content for free: (?)
Get our Daily Email

Sprint-Nextel posts $29.5 billion loss

by Sue Walsh on Feb 29, 2008 at 12:12 PM

sprintlogo

Sprint-Nextel’s stock dropped more than 9% after the company announced a $29.45 billion 4th quarter loss.The loss is being blamed on a huge write down related to the company’s merger with Nextel. The company also announced the suspension of dividend payouts and the borrowing of $2.5 billion from a revolving credit facility. Sprint-Nextel CEO Dan Hesse said the loan would allow them to focus on fixing the business and avoid the financial risk of outstanding loans.

Read [New York Times]

Keep up with the latest gadget goodness! - Subscribe to our feed


Join the Discussion

Name: *

Email: *

Location (Links to Google Maps):

URL:

Enter Your Comment Below...

* Required fields

Remember my information?

Notify me of follow-up comments?

Submit the word you see below:


Special Features