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July 28, 2011 / David Bleeker

Sprint posts massive wireless subscriber exodus

Shares of Sprint Nextel fell almost 20 percent after the company posted heavy wireless subscriber losses that underlined a failed strategy in competing with US iPhone carriers.

Sprint invested heavily to build a faster WiMAX 4G network, promoting the HTC Evo 4G as the first 4G phone in the US last year. However, the results of its spending have not translated into subscribers, particularly in the face of competition from AT&T’s iPhone and the addition of Verizon as an iPhone provider earlier this year.

In its latest quarter, Sprint posted a net loss of 101,000 subscribers, far higher than the 15,000 loss analysts had expected it to suffer. In contrast, AT&T added 331,000 subscribers and Verizon added 1.3 million, aided by news sales of 2.3 million iPhones. [read more]

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