Sprint Corp. incurred a fiscal first quarter loss, but that’s what the Street has been expecting.
The telecommunications behemoth’s loss for the three months ending in June came in at -3 cents per share, compared to positive earnings of 4 cents per share in the year-ago quarter.
Revenues from wireless business declined -3% year over year to $5.3 billion. The company’s total revenues were essentially flat relative to last year at $8.142 billion, but was higher than the Street consensus forecast of $8.06 billion.
Sprint also said it lost a net -128,000 phone subscribers over the quarter, even though it fared better compared to analysts' expected -150,000 loss (based on FactSet estimates).
Last month, the U.S. Department of Justice gave its nod to the $26 billion merger of T-Mobile and Sprint, following the agreement that Sprint's prepaid business, including Boost Mobile, Virgin Mobile, and Sprint prepaid, and some of its wireless spectrum, must be divested to Dish Network. Dish will pay $5 billion for the assets. T-Mobile will make at least 20,000 cell sites and hundreds of retail stores available to the company. Additionally, Dish will also be able to access T-Mobile’s network for seven years.