Samsung Instinct sets 1st-week Sprint sales record

BEIJING, June 27 (Xinhuanet) -- Sales of the Samsung Instinct broke Sprint Nextel Corp. company records in its first week in stores after its recent launch by America's third largest wireless carrier.

Sprint's answer to the iPhone went on sale June 19 to Sprint customers and the next day to everyone else. Only AT&T Inc. carries Apple Inc.'s iPhone in the United States. Without giving specific numbers, Sprint said on Thursday the device broke the company's sales record for the first week of sales for any device.

"In the first few days of availability, many Instinct devices were purchased by existing customers upgrading their wireless device," said John Garcia, president of Sprint's wireless division, in a statement.

Sprint's shares rose 35 cents, or 4.1 percent, to 8.90 U.S. dollars in late morning trading amid a downturn in the broader market. The stock is still down more than 60 percent year-to-date.

Investors hope the 129.99 dollar Instinct will be able to help stem Sprint's massive subscriber losses, especially of lucrative postpaid customers, who sign long-term contracts. The company is in the midst of a massive, painful turnaround as it hopes to revitalize its business. Its problems range from the subscriber losses to difficulties in integrating Nextel since purchasing it in 2005.

(Agencies)