Sprint shares jump 5% after better-than-expected Q3 earnings results
Shares of Sprint Corp. were up nearly 5% in premarket trade on Friday after the company reported third-quarter earnings that were above Wall Street expectations. Net income for the quarter was $7.16 billion, or $1.76 per share, after a net loss of $479 million, or loss of 12 cents per share during the same quarter a year ago. FactSet’s consensus was for a loss of 4 cents. The company said it had a a $7.1 billion non-cash benefit from the federal tax overhaul, which impacted net income. Revenue for the quarter was $8.24 billion, down from $8.55 billion in the year-earlier period, but above FactSet’s $8.16 billion revenue consensus. Sprint had its tenth consecutive quarter of postpaid phone additions, adding 184,000. The company added 256,000 net postpaid additions. The company also said it plans to continue to improve its next-gen network and provide a path to 5G wireless connectivity. Shares of Sprint have declined more than 40% in the last 12 months, while the S&P 500 index is up close to 24% and the Dow Jones Industrial Average is up nearly 32%.
Source : MTV
