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(Reuters) - Sprint Corp on Thursday reported fewer-than-expected
losses in net new phone subscribers who pay a monthly bill and
beat quarterly revenue estimates, as it attempts to undermine
bigger competitors on prices.
The fourth-largest U.S. wireless carrier by subscribers is
working to get regulatory approval to merge with larger rival
T-Mobile US Inc, in order to shed the negative perception of its
network quality and have the resources to better invest in a 5G
network.
Sprint is well-known for discounted prices compared to its
larger competitors. Its unlimited plus plan starts from $70,
less than Verizon and other wireless carriers, according to the
website. (https://sprint.co/2sv0BNb)
The company said it lost a net 26,000 phone subscribers during
the third-quarter ended Dec. 31. Analysts on average had
expected a net loss of 32,000 subscribers, according to research
firm FactSet.
Sprint reported net loss attributable of $141 million, or 3
cents per share, in the quarter, compared with a net income of
$7.16 billion, or $1.76 per share, a year earlier, when the
company benefited from a change in U. S. tax laws.
Analysts were expecting the company to report a loss of 2 cent
per share, according to IBES data from Refinitiv.
Total net operating revenue rose 4.4 percent to $8.60 billion.
Analysts had expected the company to report revenue of $8.43
billion.
Sprints shares rose 1.3 percent at $6.12 before the bell.
(Reporting by Akanksha Rana in Bengaluru and Sheila Dang in New
York; Editing by Shinjini Ganguli)
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