Sprint FON sinks
The combination of Sprint’s FON Group and its PCS Group isn’t too pretty today. Both issued earnings results yesterday for the quarter that were frocked with heavy losses. As result, both stocks have dropped in unison today.
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So far, FON has dropped $2.05 to $13.96, and PCS has dropped $2.80 to $10.96.
Revenues in the fourth quarter were $4.01 billion compared to $4.39 billion in the same period a year ago for Sprint’s FON group. For the year, revenues were $16.92 billion, a decrease of 4 percent from $17.69 billion in 2000.
“It’s no secret that the industry and the FON Group have faced a number of economic challenges,” said Art Krausse, executive vice president and chief financial officer at Sprint.
As with the AT&T results, Sprint placed much of the blame in revenue decline on others in the industry that are continuing to squeeze long-distance prices to counterproductive levels.
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© 2012 Penton Media Inc.
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