Sprint has announced their numbers for the Q4 of 2007, and the industry was prepared for some pretty abhorent numbers but no one was prepared for the results. In 2007, Sprint lost $29.5 billion, now consider that Sprint is valued at $23 billion and you can start to see how ugly the numbers really are. And how do lose $30 billion in a year? A billion at a time I guess but this doesn’t seem possible. I wonder where they park all those gold plated Gulfstream 5’s the engineers bought to test their proposed mobile wifi system, Hawaii and Bermuda are my guess.
Shares fell 98 cents, or 12.1 percent, to $7.11, after falling as low as $7.08. This is the stock’s lowest level since 2002. The losses were on top of Thursday’s 9.6 percent decline.
Buying Nextel was an excellent idea. Perhaps Google should will buy them for about 12 million and forget about the wireless auction.