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.
While both Sprint and Nextel once had market capitalizations of $33 billion, the combined company’s is just $26 billion; it expects to lose 1.2 million customers in the first quarter, the same number who dropped Sprint's service in 2007. The company's fourth-quarter loss includes a $29.7 billion writedown related to Sprint's 2005 acquisition of Nextel. (Read more Sprint Nextel stories.)