Tags: Sprint | Loss | Subscribers | Phones

Sprint Reports Smaller Loss as Subscribers Grow

Tuesday, 11 Feb 2014 08:14 AM

Sprint Corp. reported a smaller fourth-quarter loss than expected and a surprise increase in wireless subscribers, sending its shares up 4 percent in early trade.

The company, which is 80 percent owned by Japan's SoftBank Corp., said it added 58,000 net subscribers in the quarter compared with the average expectation for a loss of 83,500 from six analysts contacted by Reuters. Estimates ranged from a loss of 48,000 subscribers to a loss of 400,000 subscribers.

The subscriber growth, which compared with a loss of 360,000 in the third quarter, included growth in connections for tablet computers and smartphones.

The No. 3 U.S. mobile provider had been losing customers in recent quarters as it shut down its older Nextel network and other subscribers left due to technical problems related to a massive overhaul of Sprint's remaining network.

Sprint said its loss narrowed to $1.04 billion, or 26 cents per share, in the fourth quarter, from $1.32 billion, or 44 cents per share, in the year-ago quarter.

The quarterly loss per share was much narrower than the average expectation for a loss of 33 cents per share according to Thomson Reuters I/B/E/S.

Revenue rose to $9.14 billion from $9.01 billion. The average analyst estimate was $8.97 billion, according to Thomson Reuters I/B/E/S.

It forecast 2014 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) between $6.5 billion and $6.7 billion, and capital spending of about $8 billion.

Sprint shares rose to $8 in premarket trade after closing at $7.69 in the regular New York Stock Exchange session.

© 2017 Thomson/Reuters. All rights reserved.

 
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Sprint Corp. reported a smaller fourth-quarter loss than expected and a surprise increase in wireless subscribers, sending its shares up 4 percent in early trade.
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2014-14-11
Tuesday, 11 Feb 2014 08:14 AM
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