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SprintNextel Reports $29.5 Billion Loss

KANSAS CITY, MO. - SprintNextel today said it lost $29.5 billion in the fourth financial quarter, and that it would stop paying dividends and tap into a revolving credit line.

The company, which lost 700,000 customers in that quarter and expects to lose another 1.2 million this quarter, wrote down most of the remaining value of its 2005 purchase of Nextel Communications. CEO Dan Hesse, who took over in December, summed it up in a conference call: "Our company is not performing well right now."

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