Sprint beats analysts' estimates

Summary:Sprint Corp. saw a drop in net income during the first quarter, but managed to beat analysts' estimates for the quarter.

Sprint Corp. saw a drop in net income during the first quarter, but managed to beat analysts' estimates for the quarter.

The company posted net income of $212 million, or 48 cents per share, compared to $290 million, or 67 cents per share the year before. Revenues rose from $3.6 billion to $3.9 billion compared to last year. Growth was particularly strong in Sprint's (FON) long-distance division, which saw a 9 percent rise in revenues and an 11 percent rise in minutes of use.

Local telecommunications revenues grew 3.7 percent while access lines grew by 3.6 percent.

Overall results included a 41 cents per share after-tax loss related to the company's Global One business and the build-out of its Sprint PCS business. The company has signed up more than 1.1 million customers for Sprint PCS, which offers low-power, high frequency wireless communications in 149 markets. Average monthly revenue per subscriber was about $64, the company said.

Sprint's emerging business segment, which includes consumer Internet access services, saw an 11 cents per share after-tax loss compared to a 5 cents per share loss the year before.

Topics: Tech Industry

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