Well, it sure didn't take long for the status of Sprint Nextel
Sprint Nextel's board members made it clear that they will be looking outside the company for new blood, someone who can "guide the company to achieve its full potential." The board agreed with some vocal shareholders that if the company was still struggling nearly three years after the merger, changes needed to be made.
And still struggling may be an understatement. Along with the announcement of Forsee's departure, Sprint Nextel prepared investors for a really bad third quarter. The company said it expects to post a net loss of 337,000 post-paid customers for the past three months. Along with that, the company acknowledged that it will fall short of its guidance for operating income before depreciation and amortization (OIBDA) and revenue in 2007.
The poor numbers mean that this likely won't be a happy holiday season for Sprint Nextel. While competitors Verizon Wireless (a joint venture between Verizon Communications
It wouldn't surprise this Fool if the company's partnership with Clearwire
The steep loss in customers shows that Sprint Nextel is far from being out of the woods in its turnaround attempt. While some analysts and investors -- including this Fool -- thought that the worst was behind the company, it appears much more work lies ahead.
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