From Fortune Magazine 1/18/08

The news keeps getting worse at Sprint (S). The struggling wireless telco suffered its worst quarter yet for customer defections, saying a staggering 683,000 post-paid users headed for the door in the fourth quarter. Sprintís churn, reflecting the rate of monthly subscriber loss, rose to 2.3 percent, which is more than double the rates recently posted at the fastest-growing big carrier, Verizon Wireless.

Worse yet, Sprint expects these trends to get even worse, which is why itís firing 4,000 workers and closing 125 stores. Sprint last year set plans to cut 5,000 jobs as then-CEO Gary Forsee pledged to get Sprintís user numbers moving in the right direction again. But he failed, leading to his departure last year. The management change aside, Sprintís health has turned so ill that the company is now threatening Wall Street with a big writedown of the goodwill taken on in its acquisition of Nextel a few years back - in effect, a belated recognition that the company badly overpaid in the $35 billion deal. No wonder Sprint shares are poised to set another five-year low when trading opens Friday.

Would anyone out there wish to donate some blood?