Friday, Nov. 7, 2008 will go down as another of America’s worst economic days. Numbers released that day showed October 2008 unemployment soaring to 6.5 percent, up from September's numbers and the highest since 2004. GM warned it could run out of cash by the first half of 2009. And Sprint Nextel Corp. (S) reported third-quarter earnings even lower than analysts had projected.
Sprint lost 1.1 million post-paid subscribers and $326 million. That’s compared to a profit of $64 million a year earlier. The only relatively good news was that Sprint secured new credit terms that will give it more room to make good on financial obligations and reduce the threat of bankruptcy, analysts said.
People are growing weary of Sprint’s struggles – surely Sprint more than anyone else. Perhaps the newly approved Clearwire merger will brighten Sprint’s prospects as we embark on the fourth quarter.
