Sprint is finally back in black.
Sprint posted its first net profit in three years in its fiscal first quarter to June, and EBITDA rose to its highest level in almost 10 years. The company also reported net operating revenues of $8.2 billion, its fourth consecutive quarter of year-over-year growth, and 88,000 postpaid phone net additions, its eighth consecutive quarter of net additions. "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".
"We observed last quarter that we've never in our careers encountered a company whose financial reports, on an as-reported basis, make it as hard to discern underlying trends (although, to be fair, the entire wireless sector is problematic on this score)", Craig Moffett of MoffettNathanson wrote in a note to investors. Sprint shares closed down 2.9 percent to $7.98. Hence the aggressive promotions. Sprint lost 39,000 postpaid users and added 35,000 prepaid users. It gained prepaid customers compared with a loss the year before.
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Some customers may be wary of Sprint since it's unclear it'll be around in its current form. The company has been exploring deal options with T-Mobile US Inc but faces the hurdle of reaching an agreement on price as well as getting the deal approved by regulators. The Stamford, Connecticut-based cable giant has been negotiating with SoftBank's subsidiary Sprint and Comcast over a potential wireless partnership for the last two months, with the Japanese conglomerate reportedly considering a merger bid following that round of exclusive talks. Whether Sprint can negotiate a good deal in extended discussions remains to be seen. According to CNBC, Sprint said it cut its cost of services and selling, general and administrative expenses by about $370 million in the quarter and that it expects an additional $1.3 billion to $1.5 billion of year-over-year reductions in fiscal 2017.
Financials: Total revenue of $8.16 billion edged past the $8.13 billion predicted by Wells Fargo Securities analysts, and while wireless service revenue was down 6.2% year over year to $5.72 billion, it beat Wells Fargo's estimate of $5.7 billion.
Sprint shares rose 2.5 percent to $8.20 in pre-market trading on Tuesday.