Stories related to: losses

American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal . The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage to its balance sheet from heavy writedowns. More »

Sprint Nextel posted a net fourth-quarter loss of $29.45 billion and doesn’t expect a quick recovery, the Wall Street Journal reports. The No. 3 US wireless company will hold off dividend payments and draw down credit lines for protection as more customers leave the service. It has also announced a beefy $100-a-month unlimited plan including voice, web, email, and more. More »