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Sprint Nextel continues losing customers, money in Q3

Posted Oct 30th 2009 12:15PM by Brian White (RSS feed)
Filed under: Earnings reports, Sprint Nextel Corp (S)

Sprint Nextel Corp. (NYSE: S) has been on a roll lately. The third-largest wireless carrier in the U.S. has been releasing a whole crop of new cutting-edge phones, has improved its customer service and seems to be on the way to a recovery. Well, everything but that last part.

Sprint Nextel, yet again, lost hundreds of thousands of customers in its most recent quarter in spite or marked improvements throughout its business.

Continue reading Sprint Nextel continues losing customers, money in Q3

Sprint saves $20 million just by getting rid of old software

Posted Apr 22nd 2009 1:40PM by Brian White (RSS feed)
Filed under: Good news, Sprint Nextel Corp (S)

Sprint Nextel Corp. (NYSE: S) continues to lose customers quarter after quarter, even as it has introduced some of the most competitive family calling plans in the U.S. wireless industry.

Perhaps that price competitiveness will win more customers back in 2009, but until then, the carrier will have to rein-in most costs to make up for losing customer revenue. First up: jettisoning $20 million in unused software costs.

Continue reading Sprint saves $20 million just by getting rid of old software

Sprint Nextel execs rank at the top of most overpaid in 2007

Posted Oct 10th 2008 1:57PM by Brian White (RSS feed)
Filed under: Management, Sprint Nextel Corp (S)

Sprint Nextel Corp. (NYSE: S), even as it loses hundreds of thousands of customers, continues to pay its executives astonishingly high salaries and overall pay packages. This according to analyst group Glass Lewis & Company.

Top managers at the telecom company were awarded pay valued at $74 million in 2007, even as the company saw massive customer defections to the competition and was preparing to toss out former CEO Gary Forsee in the process. Sounds like some recent AIG shenanigans, doesn't it? No wonder Main Street no longer trusts Wall Street. Although corporate compensation abuses are almost the norm recently, it's amazing shareholders don't stand up and scream when companies not doing well are lavishly rewarding management.

Of course, Sprint spokesperson James Fisher defended his employer by stating "It's very important to consider that 2007 was a highly unusual year because of compensation that was paid to an exiting CEO, as well as sign-on compensation paid to a new CEO ... we had significant other severance charges for executive changes during the year." Severance charges -- for a management team that ran the company into the ground. I guess all those contracts signed by incompetent management were too hard to bypass since shareholders can't blow holes in those golden parachutes.

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Last updated: November 11, 2009: 11:25 AM

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