At time of writing, Sprint stock had lost 10.78% of its value on the day, priced at $2.69. According to The Wall Street Journal, Sprint Nextel plans to roll out its 4G wireless network next year, but Sprint finance chief Joseph Euteneuer says the company might need to tap into capital markets or a $900 million line of credit to finance the project.
The company has high expectations for its iPhone customers, which it says will be some of its most profitable. This is despite the fact that Sprint Nextel must pay higher subsidies for iPhones than it does for other phones in its line. In addition, the company is now the only U.S. wireless carrier to offer unlimited data plans for iPhones.
The company is now selling the iPhone 4, and began taking pre-orders for the iPhone 4S early Friday morning.
Do you think Sprint will be able to continue its plans to build a faster LTE network, given the promise of increased profitability from iPhones? Let us know what you think in the comments.