Sprint Writedown. 29.7 billion!!!!!
Huge writedown slams Sprint
Sprint (S) is admitting defeat in its 2005 merger with Nextel. The struggling telco posted a fourth-quarter loss of $29.5 billion, or $10.36 a share, reversing the year-ago profit of $261 million, or 9 cents a share. The latest quarter was hit by a $29.7 billion writedown of merger-related goodwill, reflecting the difference between the price Sprint paid and the actual value of the asse 😳 ts purchased. Excluding that gargantuan charge, Sprint made 21 cents a share on an adjusted basis, beating the 18-cent analyst consensus estimate. Revenue fell 6% from a year ago to $9.8 billion, missing the $9.95 billion Wall Street target.
“The fourth quarter financial results reflect the challenges facing our wire...
(continues)
Sprint (S) is admitting defeat in its 2005 merger with Nextel. The struggling telco posted a fourth-quarter loss of $29.5 billion, or $10.36 a share, reversing the year-ago profit of $261 million, or 9 cents a share. The latest quarter was hit by a $29.7 billion writedown of merger-related goodwill, reflecting the difference between the price Sprint paid and the actual value of the asse 😳 ts purchased. Excluding that gargantuan charge, Sprint made 21 cents a share on an adjusted basis, beating the 18-cent analyst consensus estimate. Revenue fell 6% from a year ago to $9.8 billion, missing the $9.95 billion Wall Street target.
“The fourth quarter financial results reflect the challenges facing our wire...
(continues)
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