The Apple stock soared to record levels this year becoming the most valuable company in the U.S. in terms of market capitalisation but shares in U.S. network carrier Sprint Nextel Corporation(NYSE:S) have actually outperformed Apple Inc.(NASDAQ:AAPL).
In fact Sprint has outperformed most of the stocks in the S&P 50 index.
“I tell the team here, ‘you’re not going to see any “mission accomplished” signs anywhere on this campus,’” Chief Executive Officer Dan Hesse told Bloomberg Businessweek in an interview from his office in Overland Park, Kansas. “This is a long process.”
Will Sprint Hit $10 This Year? Get Free Report Here
When Hesse joined the company about five years back, it had been in a mess. The $36 billion purchase of Nextel had been a failure and the company was bleeding subscribers at the rate of millions per month.
Hesse has also faced some challenging times with the company such as its joint venture with Clearwire Corp and a foray into a dead technology such as WiMax.
However he expects the company to be profitable in 2014 after seven years of losses. Analysts estimate the combined losses in the seven years add up to $50 billion, including losses for this ear and the next.
Sprint is a distant third in a country where the cellular mobile market is dominated by Verizon Wireless and AT&T - larger rivals with wider 4G networks and the ability to offer faster services to customers.
Will AAPL Hit $1000 This Year? Don’t Miss Our Special Report here
But the stock has been soaring in the Street. A quick look at the share prices show that the company's shares have risen about 140 percent this year, showing that the investors are betting a lot on the revival in the fortunes of the company.