Sprint swings to quarterly loss but revenue tops estimates
Sprint Corp. , which is merging with T-Mobile US Inc. , said it had a net loss of $111, or 3 cents a share, in the quarter to June 30, after income of $176 million, or 4 cents a share, in the year-earlier period. Revenue fell to $8.142 billion from $8.441 billion. The FactSet consensus was for a loss per share of 3 cents and revenue of $8.009 billion. "While we delivered good results in the first quarter relative to expectations, the business still faces several structural headwinds and I remain convinced the merger with T-Mobile is the best outcome for our customers, employees, industry and all stakeholders," Chief Executive Michel Combes said in a statement. The company spent $1.2 billion in network investments in the quarter. The company said it had postpaid net additions of 134,000 and data device net additions of 262,000, that were partially offset by phone net losses of 128,000. Shares were slightly higher premarket, but have gained 23% in 2019, while the S&P 500 has gained 18%.
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