Sprint Corporation (NYSE:S) released the results from its most recently completed quarter. The mobile carrier reported net losses of 4 cents per share or $151 million—an improvement of 77%–on revenue of $8.88 billion for the quarter. Analysts had been expecting Sprint to report losses of around 7 cents per share on revenue of about $8.79 million.
Breaking down Sprint’s results
According to this morning’s release, Sprint Corporation (NYSE:S)’s $420 million operating income for the quarter is the best in more than seven years. Adjusted EBITDA was over $184 billion, a 22% year over year increase and the third quarter in a row of growth. Adjusted EBITDA margin was 23.4%, the highest in nearly six years. Sprint said the main driver of growth was growth in adjusted EBITDA for its wireless division. However, that growth was partially offset by a decline in wireline.
Sprint Corporation (NYSE:S) reported having almost 54 million subscribers at the end of the March quarter. Postpaid gross additions increased by more than 16% year over year. The carrier sold almost 5 million smartphones during the quarter. That made up 84% of its total retail handset device sales. Sprint reported a net loss of 231,000 postpaid customers, mostly because of an expected increase in churn level in connection with the continuing overhaul of its network. The company’s prepaid net losses were 364,000 customers, mostly because of changes it made to the Lifeline program, which impacted the subscriber base for its Assurance Wireless segment.
Sprint updates programs
Sprint Corporation (NYSE:S) said it launched its Sprint Family plans and a number of new marketing campaigns during the quarter. The company said almost 3 million customers have signed up for those new plans.
In addition, the mobile carrier said its network deployments are still on track. Sprint Corporation (NYSE:S) expects its 4G LTE coverage to reach 250 million people by the middle of the year. It projects the replacement of its 3G and voice network to be mostly finished by the end of the year. In addition, Sprint made its Spark program available in 24 different markets and plans to launch six more today, including Orlando, Fla. and Oakland, Calif.