Sprint Corporation (S) Stock Surges On Better Results, Spotify Deal

Sprint Corporation (S) Stock Surges On Better Results, Spotify Deal
By Sprint Nextel [Public domain], <a href="https://commons.wikimedia.org/wiki/File%3ALogo_of_Sprint_Nextel.svg">via Wikimedia Commons</a>

The stock price of Sprint Corporation (NYSE:S) surged 10% after the company reported better-than-expected financial results for the first quarter, unveiled its partnerships with Spotify, an internet radio service provider, HTC Corp (TPE:2498), and Harman International Industries Inc./DE/ (NYSE:HAR).

The shares of the third largest carrier in the United States were trading $8.19 per share around 1:29 P.M. in New York on Tuesday.

Khrom Capital killed it during the first quarter, continuing its strong track record; here are their favorite stocks

Khrom Capital was up 32.5% gross and 24.5% net for the first quarter, outperforming the Russell 2000's 21.2% gain and the S&P 500's 6.2% increase. The fund has an annualized return of 21.6% gross and 16.5% net since inception. The total gross return since inception is 1,194%. Q1 2021 hedge fund letters, conferences and more Read More

Financial results

Sprint Corporation (NYSE:S) reported improved financial results with losses down from $643 million or $0.21 per share in the first quarter last year to $151 million losses or $0.04 per share. Its revenue increased 1% to $8.88 billion. Wall Street analysts expected Sprint to incur $0.09 losses per share in $8.77 billion revenue.

According to the company, it has 54 million subscribers by the end of the first quarter. Sprint Corporation (NYSE:S) said the number of its postpaid subscribers increased 16% year-over-year and its retail smartphone sales were below 5 million, which accounts 84% of its total retail handset sales. The company said it has almost 3 million customers under its Sprint Framily plans, and expects its 4G LTE network to cover 250 million customers by mid-year.


Sprint Corporation (NYSE:S) signed a partnership agreement with internet radio service provider Spotify. Under the partnership, Spotify’s music streaming service will be offered as a bundle to Sprint’s subscribers. A six months free trial will be offered to Framily plan subscribers starting May 9, and after that, subscribers who wants to access Spotify’s premium service will a discounted price of $7.99 or $4.99 per month. The partnership is also offering a three months free trial for other Sprint subscribers and $9.99 per month for the premium service.

In addition, Sprint Corporation (NYSE:S) partnered with HTC Corp (TPE:2498) and Harman International Industries Inc./DE/ (NYSE:HAR) to provide a custom version of the Taiwanese smartphone manufacturer’s HTC One smartphone dubbed as HTC One (M8) Harman Kardon edition.

The device is exclusive to Sprint and features a high-definition audio technology by Harman International Industries Inc./DE/ (NYSE:HAR). The HTC One (M8) Harman Kardon edition will available in the United States on May 9.

Dan Hesse, chief executive officer of Sprint Corporation (NYSE:S) said, “This partnership was made possible by four CEOs who share a passion for music.”

No posts to display