Sprint-Nextel Corp. (NYSE: S
) Share price YTD:
Hesse, who has run Sprint since late 2007, finally saved the company after a long trail of failed attempts. He did not accomplish the task by improving operations. Rather, Hesse found an investor willing to buy a majority interest in the company — not an easy task given how badly positioned the third-place cellular company in the United States has been. Sprint’s third-quarter results are ample evidence of the difficulty the corporation would have as an independent operation and without outside financial support. While revenue rose 5% to $8.8 billion, Sprint lost $767 million. On October 15, it was announced that SoftBank would invest $20.1 billion in Sprint for an approximately 70% stake. SoftBank CEO Masayoshi Son is expected to invest aggressively in Sprint’s expansion.
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