Sprint posted its earnings for Q3 2012 and the company failed to beat Wall Street estimates. Sprint reported wireless service revenues of $7.3 billion, which is a 6 percent year-over-year increase and a decrease from the $8.8B reported in Q2 2012. Sprint had a net loss of $767 million and a diluted net loss of $0.26 per share, which doesn’t compare favorably to the net loss of $301 million and a diluted net loss of $.10 per share in the third quarter of 2011. Sprint failed to meet analyst expectations which predicted that Sprint would lose $0.44 per share and report revenues of $8.8 billion.
Sprint grew its postpaid subscriber base in the quarter with the net addition of 410,000 wireless connections. Sprint attributes this growth to the its low third quarter churn rate and a large number of Nextel customers who chose to stay with Sprint. The carrier sold 1.5 million iPhones in the quarter, with 40 percent of those sales coming from new customers. Sprint also sold 1M LTE smartphones before the launch of the iPhone 5, which occurred late in the quarter.
[Via Sprint]