Sprint has this morning reported its financial results for the first quarter of 2013, and they show yet another loss for America’s third-largest carrier. The company announced a $643 million net loss on $8.79 billion revenue, though it did manage to generate a positive operating revenue of $29 million.
Sprint sold 5 million smartphones during the period, 1.5 million of which were iPhones.
SoftBank will combine with Sprint to become one of the world’s largest carriers.
SoftBank, Japan’s third-largest carrier, has this morning announced that it will acquire Sprint in a deal worth $20.1 billion. The company will purchase $8 billion in newly-issues shares from Sprint, in addition to $12.1 billion in existing shares — giving it a 70% stake overall.
The iPhone may be good for Sprint in the long run, but it just cost the carrier's CEO $3.25 million.
Sprint CEO Dan Hesse has handed back $3.25 million of his own salary in a bid to appease shareholders who have been upset by the carrier’s iPhone deal with Apple. Shareholders spoke out against the arrangement when it was discovered that Sprint did not consider the financial effect of carrying the iPhone when it calculated employee bonuses.