Sprint Continues to Add More Customers
October 18 2016 - 12:50PM
Dow Jones News
Sprint Corp. reported that its loss narrowed while revenue rose
as the wireless carrier detailed its preliminary results for its
second fiscal quarter, which ended in September.
The company said net postpaid phone subscriber additions more
than doubled to 347,000 from the prior quarter, and surged from
62,000 a year earlier. Still, overall postpaid net additions were
344,000, down from 553,000 a year ago.
Shares of the Overland Park, Kan., company, up 85% this year,
fell 3.1% to $6.71 in late morning trading Tuesday as adjusted
earnings before interest, taxes, depreciation and amortization also
missed expectations.
During July, the four largest U.S. wireless carriers turned in
quarterly results that suggested that prices have been stabilizing
after years of slashing prices, offering big promotions and
undercutting each other to attract new subscribers.
In a regulatory filing Tuesday, Sprint said its preliminary net
revenue rose 3% to $8.25 billion for the three-month period ended
Sept. 30, while wireless net revenue increased nearly 5% to $7.85
billion.
The company expects to post a net loss of $142 million, compared
with a year-earlier net loss of $585 million. The latest period
included an after-tax noncash gain of $218 million related to some
spectrum swaps with other carriers.
Analysts polled by Thomson Reuters had expected a net loss of
$340.2 million on revenue of $8.02 billion.
Adjusted Ebitda rose 17% to $2.35 billion, but was shy of
analysts' expectations for adjusted Ebitda of $2.42 billion.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
October 18, 2016 12:35 ET (16:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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