Sprint Nextel Corp. today reported that during the second quarter of 2010, the company achieved its first total net wireless subscriber growth in three years and its best postpaid churn result ever.
Sprint gained a total of approximately 111,000 net subscribers in the quarter. Demand for smartphones like HTC EVO 4G and BlackBerry Curve - combined with Sprint's best ever postpaid churn of 1.85 percent - led to positive net postpaid subscriber growth of 136,000 on the CDMA network and 285,000 for the Sprint brand, and best ever year-over-year quarterly net postpaid subscriber loss improvement of 763,000. The company achieved its best year-over-year quarterly improvement in postpaid gross subscriber additions in more than five years.
The world's first 3G/4G Android phone, HTC EVO 4G, became available in June. Sprint's second 4G-capable handset, the Samsung Epic 4G, was recently announced as the only Galaxy S phone to offer 4G as well as a slide-out QWERTY keyboard. Sprint extended its green leadership in the wireless industry by introducing eco-friendly devices LG Remarq and Samsung Restore. In addition, Samsung Seek debuted as a messaging device with first-of-its-kind reusable packaging. For push-to-talk customers, Sprint launched Motorola i1, a Nextel Direct Connect Android smartphone.
As part of the re-launch of the Virgin Mobile brand to serve data-centric customers, Sprint introduced the brand's first smartphone, BlackBerry Curve 8530, and its first touchscreen handset, LG Rumor Touch. The Virgin Mobile brand will continue to focus on more sophisticated handsets to complement its Beyond Talk plans. Further enhancing the Virgin Mobile brand's prepaid Broadband2GoSM product, Sprint introduced MiFi 2200, a USB device which allows customers to link up to 5 wireless devices.
Sprint announced second quarter consolidated net operating revenues of approximately $8.0 billion, a net loss of $760 million and a diluted loss per share of 25 cents, which includes a non-cash $302 million (10-cent-per-share charge) increase in valuation allowance on deferred tax assets resulting from net operating loss carryforwards generated during the second quarter, for a pro forma diluted loss per share of 15 cents. The company generated $709 million of Free Cash Flow* in the quarter, and maintained a strong liquidity position with approximately $4.3 billion in cash and cash equivalents at the end of the quarter after retiring all 2010 note maturities of $750 million in the quarter.
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