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Sprint shares up after cost cutting Quarter

02 August 2017

That reversed a loss of $302 million a year ago and beat analysts expectations of a 1 cent a share loss.

Revenues were $8.2 billion in the quarter.

Sprint increased cash capital expenditures to Dollars 1.6 billion in the quarter compared to USD 878 million a year ago.

Shares of Sprint jumped almost 11% this morning after the carrier posted its first quarterly profit in three years and added 88,000 net postpaid subscribers.

Charter is now planning to launch its own wireless service on Verizon Communications Inc's network next year, and analysts have said that renting a network from a wireless carrier will be more costly long term than owning one. In the prior quarter Sprint added 43,000 net postpaid subscribers. Total net additions were 61,000 in the quarter, including postpaid net losses of 39,000, prepaid net additions of 35,000, and wholesale and affiliate net additions of 65,000. In the year-ago quarter Sprint dropped 306,000 prepaid subscribers.

Overall, the company reported fiscal first-quarter net income of $206 million, or 5 cents per share.

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Sprint reduced postpaid phone churn to 1.5 percent and total postpaid churn was 1.65 percent.

About that rumor that Sprint had set aside talks with T-Mobile during a supposed two month exclusive period to negotiate with Comcast and Charter, Claure said the reports were "not necessarily factual". The total customer base numbered 53.7 million at the end of June, up from 53.4 million a year earlier.

"Sprint reached an important milestone this quarter by returning to profitability for the first time in three years", Claure said in the earnings release.

"This represents the progress of a turnaround journey that has delivered improvements in postpaid phone and prepaid customer growth, a return to top-line growth, and a significantly transformed cost structure", said Sprint CEO Marcelo Claure.

The company increased its fiscal year 2017 adjusted EBITDA guidance from a prior range of $10.7 billion to $11.2 billion to a new range of $10.8 billion to $11.2 billion.

Sprint achieved almost $370 million of combined reductions in cost of services and SG&A expenses in the quarter, bringing the total reduction during the last nine quarters to almost $4 billion. The consensus price target was $7.28 before the earnings announcement.

Sprint shares up after cost cutting Quarter