Daily Journal masthead

Sprint 1Q loss smaller than anticipated; fewer existing customers leave postpaid business

bug
Share/Save/Bookmark

OVERLAND PARK, Kansas — Sprint reported a smaller-than-anticipated loss in its fiscal first quarter as it added new customers and fewer existing customers left its postpaid business.

Shares gained 6 percent in Tuesday morning trading.

The wireless carrier lost $20 million, or a penny per share, for the period ended June 30. That compares with a profit of $23 million, or a penny per share, a year ago.

Still, the latest results topped Wall Street's expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.

Sprint Corp.'s stock rose 20 cents to $3.54 in morning trading. Its shares are still down 52 percent over the past year.

Sprint said that churn for its postpaid business — a measure of the amount of customers that left — fell to 1.56 percent from 2.05 percent a year earlier. This was the lowest churn for the postpaid business in the company's history.

It added 675,000 net customers in the quarter. In the year-ago period it lost 220,000 customers. Sprint's subscriber base is at 57.7 million people, up from 54.5 million a year earlier.

The Overland Park, Kansas-based company added 310,000 new customers to its postpaid business in the quarter. A year earlier it lost 181,000 customers.

Revenue totaled $8.03 billion. Eight analysts surveyed by Zacks expected higher revenue of $8.32 billion.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on S at http://www.zacks.com/ap/S

_____

Keywords: Sprint, Earnings Report

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.