Nextel’s Net Income Falls 26%; Sales Surge
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Nextel Communications Inc., the wireless telephone company being bought by Sprint Corp., said fourth-quarter profit fell 26%. Sales surged, led by the company’s Boost Mobile unit aimed at younger clients.
Net income dropped to $471 million, or 41 cents a share, from $634 million, or 55 cents, a year earlier, when the company had a gain from the sale of investments. Sales rose 19%, the Reston, Va.-based company said. Profit was cut by an income tax provision of $232 million.
Shares of Nextel fell 59 cents to $28.59 on Nasdaq.
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