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Sprint adds 644,000 wireless subscribers in Q3, posts $911 million net loss

October 27th, 2010 at 9:07 AM

Admit it, everyone loves an underdog. If you’ve been paying attention to the transformation Sprint has been undergoing over the last few years… you know you’re pulling for them too. After all, competition and parity in the wireless market place only benefits the consumer. Today, Sprint posted its Q3 2010 earnings report and the results, for the most part, were mixed. Sprint had its second best quarter in company history in order of wireless subscriber additions, adding a total of 644,000 new customers — 354,000 of which were postpaid. The company also noted that they saw their churn rate drop to 1.93%; down from 2.17% in Q3 of last year. While the high level numbers were positive, the bottom line — how much cold, hard cash the company brought in — is still a cause for concern. The Now Network posted a net loss of $911 million which translates into a net loss of $0.30 per diluted share. “Driven by record customer satisfaction, and the performance of iconic devices like the EVO and Epic, Sprint’s momentum continued this quarter,” quipped Dan Hesse, the company’s CEO. Sprint is hoping to capitalize on their first-to-market 4G network and strong handset lineup to have a strong holiday season and propel the company to higher metrics in Q4.

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