Sprint Nextel posted a $29.45 billion quarterly loss as the wireless carrier took a massive charge for its 2005 acquisition of Nextel. Sprint said it would quit paying dividends and warned subscriber losses are accelerating. Oops.
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It was supposed to be a good year for Sprint. They had exorcised the Nextel name from NASCAR. The top series is now the Sprint Cup Series. Then, just before the season got underway, came a big round of layoffs. Now this.