Sprint's second quarter figures have arrived, revealing that despite the company's billion-dollar gamble on the iPhone, it's still feeling the bite. While it sold 1.5 million iPhones in the three month period (40 percent to new and postpaid customers), it recorded an operating loss of $629 million and a colossal net loss of $1.4 billion. The picture isn't a healthy one when you compare the figures to the first quarter results, which marked an operating loss of $255 million and a net loss of $863 million, respectively. The numbers reveal that it's eating around $782 million due to the shutdown of the Nextel platform and a further $184 million to end leases around Nextel antenna sites. It's also writing off an impairment of $204 million due to its investment into infrastructure partner Clearwire.
On the upside, operating revenues of $8.8 billion is a percent higher than at the start of the year -- due to higher service fees from its wireless offerings. It's also grown its cash reserves, which is up from $128 million to $267 million since the start of the year. It's also marking an increase of 442,000 postpaid and 141,000 prepaid subscribers, meaning the company now serves over 56 million customers in the country -- mentioning that 60 percent of Nextel's former customers switched up to a Sprint contract.