Sprint reported fourth quarter and annual financial results today driven by record wireless service revenues. Fourth quarter net operating revenue totaled $9 billion, including $7 billion from Sprint platform wireless service. On an annual basis, the numbers were $35.3 billion and $27.1 billion respectively. This represented growth of 12 percent year-over-year for the fourth quarter and 15 percent growth for the full year.
The Sprint subscriber base grew for the eleventh consecutive quarter, helped by strong 4G LTE sales and a good recapture rate for Nextel customers as that platform was shutting down. Despite the strong revenue numbers, Sprint reported a net loss of $1.3 billion for the fourth quarter. Dan Hesse, Sprint CEO, attributes the overall loss to investments in Network Vision and the iPhone, which drove up costs.
Sprint reported they had a total of 4 million 4G LTE smartphones activated on the network as of the end of 2012. Sprint now has 15 4G LTE devices in the portfolio, including Apple devices, the LG Optimus G and the Samsung Galaxy Note II. Sprint’s 4G LTE network has launched in 58 cities and 170 more are expected to be added in the comping months.