Sprint Reports Wider Loss on Writedowns
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Sprint Corp. FON.N on Tuesday  reported a wider third-quarter loss due to a writedown in the  value of its long-distance business.
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KB Home  on Thursday posted a loss on write-downs for land values, and revenue fell 32 percent, reflecting the swelling supply of homes and tighter standards in the mortgage market that kept potential buyers on the sidelines.
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WASHINGTON (CBS.MW) - Sprint Corp. said Friday it will cut up to 700 jobs, write down the value of its traditional phone network and spend less money marketing standalone long-distance service.
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OVERLAND PARK, Kan. Sprint plans to cut 700 jobs in its business solutions division. It will also take a charge against earnings in its third quarter to reflect a decline in value of its long-distance assets.
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Sprint Nextel Corp. said Thursday that its second-quarter profit fell 38 percent as the nation's third-largest wireless carrier absorbed costs from its merger with Nextel Communications Inc.
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Business & money: Swiss bank suffers a further Â£2bn writedown, pushing it into the first annual loss in its history
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Sprint Corp. on Tuesday said its third-quarter loss widened because of a previously disclosed asset impairment, but the company reported growth in wireless services and said it benefited from cash contributions from local and long distance services.
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XM Satellite Radio Holdings Inc.  XMSR.O on Thursday posted a wider fourth-quarter loss, but  revenue more than doubled as its subscriber base increased.
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AT&amp;T Corp. swung to a third-quarter loss of $7.1 billion after recording huge charges related to the company&#39;s retreat from traditional telephone services, which has included at least 7,500 more job cuts and
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Sprint Nextel will lay off about 4,000 employees and close about 125 retail outlets after it suffered a net loss of more than 100,000 customers in the fourth quarter of 2007, the company said Friday.The layoffs and other cost-cutting measures are expected to save the company $700 million to $800 million a year, the company said in a news release.The company reported a net gain of 500,000 subscribers through wholesale channels, growth of 256,000 Boost Unlimited users and net additions of 20,000 subscribers within affiliate channels. These gains were offset by net losses of 683,000 post-paid subscribers and 202,000 traditional prepaid users.At the end of the year, Sprint had 53.8 million subscribers, including 40.8 million customers of its traditional post-paid service.In addition to the layoffs, to come in the first half of the year, Sprint plans to close about 8 percent of its company-owned retail locations and eliminate more than 4,000 third-party distribution outlets, the company said. Sprint now has 20,000 total distribution points, including nearly 1,400 company-owned retail locations.Sprint will announce its full fourth-quarter results on Feb. 28.
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Motorola Inc said on Wednesday it will post an operating loss in the current quarter as its cell phone business is taking longer than expected to turn around, dashing Wall Street hopes for a profit and sending its shares down as much as 23 percent.
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NEW YORK, Oct. 21 -- AT&T Corp. reported a third-quarter loss of $7.12 billion Thursday because of huge charges resulting from the company's retreat from traditional telephone services, which included at least 7,500 more job cuts and a write-down in the value of the company's long-distance network.
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Sprint Nextel Corp., the nation's third-largest wireless provider, said Thursday it will have to write off a significant chunk of the remaining value of its 2005 purchase of Nextel Communications Inc. and several affiliates, reflecting the continued struggles of its wireless operations.
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Sprint Nextel Corp  reported deeper than expected subscriber losses on Friday and said it would cut about 4,000 jobs, sending its shares down 26 percent and raising fears that an economic slowdown would take a greater toll on the wireless industry .
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Internet phone company Vonage Holdings  Corp.  on Tuesday reported a wider net loss for the  second quarter as it spent heavily to market its Web-based  calling service.
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H&R Block Inc. , the nation's largest tax preparer, on Wednesday said its decision to write down the value of its Option One Mortgage business, which is up for sale, increased the company's net loss in the fiscal third quarter by $15.5 million to $60.3 million.
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Sprint Corp. FON.N on Tuesday  reported a wider third-quarter loss due to a $3.5 billion  writedown in the value of its long-distance business.