Sprint-Nextel Deeper in the Red

April 29, 2010 Updated: April 29, 2010
 (Scott Olsen/Getty Images)
(Scott Olsen/Getty Images)

U.S. telecommunications giant Sprint Nextel Corp. reported a wider first-quarter loss as revenues slumped 1.5 percent. Quarterly loss was $865 million, or 29 cents per share.

The loss was somewhat in line with expectations as the company lost subscribers and market share as it builds up its 4G network in parts of the country.

Sprint’s customer loss has slowed somewhat in recent quarters as fewer wireless subscribers defected to larger competitors Verizon Wireless and AT&T Wireless. Total subscriber loss was 578,000 for the quarter.