Sprint Gains Subs, Loses Money
Sprint hasn’t posted a quarterly net gain in subscribers in three years, so the company’s announcement this morning that it added 111,000 subs to finish its second quarter with 48.2 million is welcome news indeed.
Still, Sprint (S) continues to lose money, as it has for longer than anyone cares to remember. The company reported its 11th straight quarterly loss–$760 million, or 25 cents per share, on revenue of $8 billion. Analysts polled by Thomson Reuters were expecting it to lose 20 cents per share.
So lots of work yet left to be done.
“Our intense focus for the past 10 quarters on improving the customer experience, strengthening our brands, and generating cash are paying off,” CEO Dan Hesse said in an earnings release. “We feel we can confidently improve our subscriber forecasts for the second half of 2010 and deliver positive total net wireless subscriber additions for the remainder of the year.”