Sprint Expects Lower 2001 Profit
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Sprint Corp. on Friday warned that its profit through 2001 would be lower than expected amid lackluster revenue growth, making it the third long-distance telephone company in 10 days to ratchet down forecasts.
Kansas City, Mo.-based Sprint also said it expects revenue in its wireless-telephone unit, Sprint PCS, to slow over the next two years.
Sprint shares closed up $1.38 at $23.88 on the New York Stock Exchange as investors expressed some relief that the reduced outlook wasn’t even more bleak, analysts said. Sprint’s stock has fallen 66% this year, pushing it to lows unseen since September 1997.
Shares in Sprint PCS, however, plunged $8.06 to close at $28.50.
Sprint has suffered from the same falling prices that have plagued the rest of the telephone industry.
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