iPCS, which re-sells Sprint Nextel service to 630,000 subscribers in four Midwestern states, is feeling the burn from Sprint’s terrible 2007. The company announced Q4 subscriber stats today, and they’re ugly: Last quarter, the company grew by 63,800 subscribers. But iPCS lost 56,000 subs during Q4, resulting in a net gain of only 7,800 subs — down 71% year-over-year and “below our previous expectation,” according to chief Tim Yager.
Worse news: As both companies continue to underperform, it’s less likely that Sprint will bail out iPCS shareholders with a tuck-in acquisition any time soon. iPCS will report Q4 results on March 4.
Shares dropped as much as 7% today, but recovered in late-afternoon trading. Release
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