The solid economic conditions of the past decade pushed many industries into rapid growth. The cellular phone industry is precisely one such market. Ten years ago cell phones in the US were carried by an estimated one in fifteen. Last year that number had risen to one in three.
Now that the economy is suffering a downturn, some domestic wireless carriers are feeling the pinch. With fourth quarter numbers coming in, Sprint/ Nextel, the nation's third-largest wireless carrier, reports a loss of 1.3 million subscribers.
The decline breaks down to 1.1 million monthly-billed customers and 200,000 wholesale and prepaid users. What this translates to in terms of dollars is Sprint having lost $29.3 billion during the same period a year ago.
Its biggest rival, Verizon Wireless added 1.4 million customers in same period while AT&T, the No. 2 U.S. mobile service, added 2.1 million.
Analysts expect Sprint to benefit from selling Palm's forthcoming Pre phone, expected to be a strong competitor to Apple's popular iPhone (Sprint will be the exclusive US carrier through the end of 09).
Sprint announced last month it would slash 8,000 jobs in a bid to save $1.2 billion annually.
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