Sprint Surges After It Returns to Profit in First Quarter

Sprint Surges After It Returns to Profit in First Quarter

Sprint said Tuesday that it posted its first quarterly profit in three years as it cut cost and added more wireless subscribers. But the carrier shed very little light on prospects for a potential tie-up with another major player. 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. "And that deal is going to benefit most of Sprint shareholders".

While its figures may not have been spectacular, they clearly helped to calm investors' nerves-a feat the carrier failed to achieve in its prior quarter.

The net result was a profit of United States dollars 206 million compared to a loss of USD 302 million a year ago, due in part to the reversal of some legal provisions.

Shares of Sprint Corp. rose 82 cents, or 10 percent, to $8.80 in late morning trading.

"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", Sprint CEO Claure said.

Here's a closer look at some other key metrics from Sprint's quarterly earnings report. In the prior quarter Sprint added 43,000 net postpaid subscribers. Postpaid phone churn came in at 1.5%, and total postpaid churn was 1.65%.

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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. "Every time a new carrier launches a new promotion or changes the way they do business... that automatically causes the market to shift", he said. Revenue totalled to $8.16 billion, compared to $8.01 billion in the previous year and analysts' expectations of $8.11 billion.

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

The profit is largely a result of thousands of job cuts previous year, which trimmed $US4 billion from the Kansas-based company's operating costs.

While Charter had last weekend stated that its board was not interested in the acquisition of Sprint, Son had all along sought the acquisition of Charter by SoftBank and combining it with Sprint to create a new publicly traded company, according to the people.

Sprint blamed the postpaid losses mainly on the tablet segment.

The company pulled out all the stops this past quarter.

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