Sprint shares are shaken by the Iphone

US TELECOMS FIRM Sprint has admitted that it made a mistake when it refused to disclose how much selling the Iphone is costing it.

According to Bloomberg, Sprint Nextel's chairman, James Hance admitted the mistake and has promised to correct it by providing information on the future costs of offering the Iphone.

The firm's share price has faltered in the last few days as a lack of confidence among investors combined with Sprint explaining that it needs to raise capital. With Sprint refusing to give detailed responses to investor questions on the ongoing costs of selling the Iphone, its share price fell for two days, dropping 26 per cent.

"Friday was tough on the stock, tough on everybody in terms of the way it came across," said Hance in an interview with Bloomberg.

"It was a mistake not to disclose the impact of the iPhone -- a mistake we will fix. We will talk about the impact when we talk about the third-quarter earnings. What we should have done is a better job of disclosing everything financially -- iPhone, [network provider] Clearwire, all the questions hanging out there." µ