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News Summary: Sprint posts big 4Q loss

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News,Business

FLAT LOSS: Sprint Nextel Corp. posted a net loss of $1.3 billion for the fourth quarter, nearly unchanged from the year before. Revenue rose 3.2 percent to $9 billion.

DEALMAKING: Investors are overlooking short-term results for now, since Sprint has struck a deal to sell 70 percent of itself to Japan's Softbank Corp. for $20 billion. That deal is expected to close this summer.

THE NETWORK: Sprint is performing a crucial, yearslong upgrade to improve data speeds on its network and reduce operating costs. On Thursday, the executive in charge said the project is on track.

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