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I'm good, I'm fine, solid quarter, real well ... pants Sprint as it limps past, spilling $300m

'Most new customers in nine years'

US telco Sprint says it is bringing in new customers by the boatload, despite another quarter in which its losses reached well into nine figures.

The fourth-largest carrier in the US logged a net loss of $302m as it continues a campaign to rebuild its business model.

For the first quarter of Sprint's financial 2016, ended June 30:

  • Operating revenues of $8bn were flat compared to Q1 2015.
  • Wireless revenues of $7.6bn were up 1 per cent on the year-ago quarter.
  • Net loss on the quarter added up to $302m, worse than the year-ago quarter in which Sprint was only down $20m, but sequentially better than Q4's loss of $554m.
  • Earnings per share, or in this case loss per share, was $.08, in line with analyst estimates.
  • Sprint said that postpaid additions were at a nine-year high as it brought in 173,000 net additions on the quarter.
  • Operating expenses of $7.6bn were down from $8.1bn in the 2015 quarter.

"We had another quarter of solid progress in our turnaround with the highest first quarter postpaid phone net additions in nine years, the lowest postpaid phone churn in company history, and finally being postpaid net port positive against all three national carriers after five years," CEO Marcelo Claure said in announcing the numbers [PDF].

"We also grew wireless net operating revenue year-over-year while aggressively reducing the cash operating expenses of the business, and our network is performing better than ever."

The release comes as Sprint has been looking to cut its losses and piece together new ways to turn around its business. Those moves have included layoffs and a sale/lease deal for much of the company's own hardware. ®

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