Sprint posts Q1 subscriber losses

NEW YORK, USA: Sprint Nextel lost wireless subscribers in the first quarter as it faced new competition from Verizon Wireless, which started selling the Apple Inc iPhone in February.

Sprint lost 114,000 subscribers in the quarter, compared with the average estimate for losses approaching 40,000 from seven analysts contacted by Reuters.

Its net loss narrowed to $439 million, or 15 cents per share, from a loss of $865 million, or 29 cents per share, a year earlier. Revenue rose to $8.3 billion from $8.09 billion.